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On Wednesday February 21st, Bitcoin recorded a slight gain of 0.31%. The current value of Bitcoin is $51,977 (roughly Rs. 43 lakh). According to market experts, Bitcoin’s resistance is currently at $53,000 (roughly Rs. 43.9 lakh), implying a strong bounce for the asset. In the last 24 hours, the price of Bitcoin has recorded a notable rise of $400 (approximately 33,160 rupees). Cryptocurrency charts reflected market volatility on Wednesday, with altcoins seeing mixed moves on gains and losses.

Ether hit $3,000 (about Rs. 2.48 lakh) for the first time since April 2022. However, the asset did not maintain a strong position at that point. With a loss of 2.05%, Ethereum is now worth $2,870 (roughly Rs. 2.3 lakh).

“In the current market scenario, Bitcoin is signaling overbought conditions, raising investor caution about a potential consolidation. Meanwhile, Ethereum is showing an upward channel pattern, hitting $3,000 (roughly Rs. 2.48 lakh) thanks to the continued development of the ecosystem. Investors are being cautious due to short-term buying amid the bullish momentum indicated by moving averages, breaking away from the usual daily patterns,” Rajagopal Menon, Vice President, WazirX, told Gadgets360.

Tether, Solana, Ripple, USD Coin, Cardano, and Avalanche all posted losses along with Ether on Wednesday.

Dogecoin, Polkadot, Shiba Inu, Litecoin, Cosmos, and Stellar also recorded losses.

Over the past 24 hours, the overall cryptocurrency market cap fell 0.16%. According to CoinMarketCap, the sector is currently valued at $1.98 trillion (roughly Rs. 1,64,13,606 crore).

Meanwhile, Binance Coin, Tron, Chainlink, Polygon, Leo, Kronos, and Monero recorded gains along with BTC on Wednesday.

Currently, market analysts are more excited to witness the trajectory of Ethereum than Bitcoin.

“Ethereum is very popular. As a compute network, it is the default choice for most Web3 developers. That means more traffic and more highway maintenance. So developers are rolling out upgrades to make the highways much smoother. And they’re doing it without disrupting traffic. They test upgrades on the service road (testnet) and later port them to the mainnet highway. Dencun’s mainnet launch is scheduled for March and this can be seen as an internal catalyst for a better Web3 future,” said Ashish Singhal, Co-Founder of CoinSwitch.

Cryptocurrencies are unregulated digital currencies, not legal tender, and are subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation provided or endorsed by NDTV. NDTV is not liable for any loss arising from investments based on perceived recommendations, forecasts or other information contained in the article.

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