Cryptocurrency Price on March 12: Bitcoin trades near $72,000; Toncoin, Avalanche jump up to 34%

Bitcoin hit an all-time high of more than $72,000 in early trading Tuesday as the world's most popular. cryptocurrency gained greater support due to greater commercial accessibility and the weakness of the dollar.

In the last 24 hours, Bitcoin jumped to an intraday high of $72,850. It was last up 5% at $71,986 at 11:26 am IST.

Today's momentum extended last week's record streak, when the coin surpassed the previous November 2021 peak of $68,999.

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"Bitcoin surpassed the $72,000 mark in the last 24 hours. This positive momentum is attributed to the growing interest in Bitcoin spot ETFs and the impending Bitcoin halving event, known to historically impact its price," Edul said Patel, CEO of Mudrex.“Over the past year, Bitcoin has seen a remarkable 250% surge, driven by increasing mainstream acceptance and investments from retail and institutional investors following the approval of the Bitcoin Spot ETF,” he said. Meanwhile, other major crypto tokens, Ethereum (4.7%), Solana (9.2%), XRP (14.7%), Cardano (7.2%), Dogecoin (4%), Shiba Inu (3.4%), Avalanche (16.8%) and Toncoin (33.8%) increased. The global cryptocurrency market capitalization increased by 4.6% to around $2.72 trillion in the last 24 hours, while the total cryptocurrency market volume was $166 billion, representing an increase of 41.3%. The volume of all stablecoins is now $149.9 billion, representing 90.3% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap. In the last 24 hours, the market capitalization of Bitcoin, the world's largest cryptocurrency, rose to $1.409 trillion. Bitcoin dominance is currently 52%, according to CoinMarketCap. BTC volume in the last 24 hours increased by 77.8% to $64.8 billion.

"Price targets for BTC will be psychological, with $75,000 as the next key zone. The entry of new retail investors and euphoria may push its price towards $80,000 this month," said Vikram Subburaj, CEO of Giottus Crypto Platform .

CoinSwitch Markets Desk said: "The Fear and Greed Index continues to be at 'Extreme Greed', signifying very strong investor sentiment."

Tech view from Sathvik Vishwanath, co-founder and CEO of Unocoin

Bitcoin's current rise above $72,500 underlines its market dominance, with technical indicators pointing to an uptrend. Resistance levels at $73,824, $76,749, and $79,904 pose challenges, while support levels at $67,154, $64,861, and $62,192 offer downside protections.

Despite potential overbought conditions, Bitcoin's breakout above $70,000 and bullish candle patterns indicate an upward trajectory, with a target above $73,800. The 50-day EMA at $66,860 reinforces this bullish sentiment and suggests a positive outlook for Bitcoin above $72,200.

(With contributions from agencies)

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)

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