Bitcoin Hover Near $67K; AI Tokens Take Centre Stage
By Laxmikant Khanvilkar
Virtual digital assets (VDA) are trading mixed this morning during Asia session with benchmark tokens such as Bitcoin (BTC) and Ethereum blockchain’s Ether adding to their weekly gains, meme coins are consolidating after running into resistance while artificial intelligence or AI related tokens are pumping ahead of global AI Nvidia conference for developers and engineers on March 18.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, was hovering near $67,000 mark, in a pulsating week that witnessed a wild swing. The Satoshi Nakamoto’s brain child briefly scaled a new all-time high of $69,200 and plunged more than 10% due to a whale rising after 10-years hiatus dumped his entire holding.
BTC was recently trading at $67,188 level, up 1.4% in the last 24-hours and 7% higher for the week.
Several factors influence Bitcoin’s price movements, including institutional adoption, macroeconomic trends, regulatory developments, and investor sentiment. Adding fuel to fire is the recent remark by Fed chief, who has reaffirmed rate cut later this year through careful approach.
Analysts expect the Bitcoin to aim for higher move led by institutional buying amid intermittent selling bouts.
Ethereum (ETH) is closing in on $4,000 mark. The second-largest crypto asset recently exchanged hands at $3,934 adding 4% over the last 24-hours. Ether was joined by solana (SOL), Cardano’s (ADA), to report gains.
Figment Europe, an institutional staking services provider, and Apex Group, a global financial services provider based in Bermuda, plan to introduce exchange-traded products (ETPs) that give investors exposure to ether (ETH) and solana (SOL) prices along with additional rewards from staking.
Elsewhere, AI-related tokens Fetch.ai (FET) and SinglarityNET (AGIX) rallied more than 30%.
The global crypto market cap increased 2% to $2.55 trillion in the last 24 hours. On the other hand, the total crypto market volume fell 24% to $135.3 billion. Total volume in DeFi is currently $12.7 billion, and all stablecoins are $123.5 billion, representing 9.4% and 91.3%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.67%, down 0.28% over the day.
The IC15 index, the barometer of the top fifteen tokens, gained 2.3% to 86,704.
Meanwhile, crypto research analyst at asset manager Bitwise, hold a positive outlook on Ether. Juan Leon, believes Ether to go above $8,000, $10,000 this year, maybe even higher.
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