Bitcoin Steps into April with Small Gains, Altcoins See Slight Relief from Volatility | Technology News

The cryptocurrency market experienced a roller coaster ride in March, with Bitcoin reaching its peak at over $73,000. On April 1st, Bitcoin saw a modest gain, while Ether and most altcoins also posted small profits. However, notable exceptions included Tether, Binance Coin, Cardano, and Shiba Inu, which registered losses. The overall crypto market cap increased slightly, but analysts caution investors to be wary due to the ongoing "extremely greedy streak."

Crypto Sector Experiences Volatility Amid Bitcoin's All-Time High and Altcoin Surge

The cryptocurrency market has been marked by significant fluctuations in March, culminating in Bitcoin reaching a record-breaking all-time high of over $73,000. As of April 1, Bitcoin has maintained a slight upward trend, gaining 1.35 percent to trade at $67,014 in India. Despite the minor increase, Bitcoin's value has remained relatively stable compared to its price at the end of March. On Binance, the digital asset is currently trading at a slightly higher price of $70,950.37.

Analysts Weigh in on Bitcoin's Future

Commenting on Bitcoin's trajectory, Shivam Thakral, CEO of BuyUcoin, noted that Bitcoin has been attempting to surpass the $71,500 resistance level since last week but has consistently fallen back to the $70,000 range. With only 22 days remaining until the fourth Bitcoin halving, Thakral expressed curiosity about the potential impact on Bitcoin's price action.

Ethereum and Altcoins Join the Rise

Synchronously with Bitcoin, Ethereum (ETH) has experienced moderate gains, currently trading at $3,395. Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, attributed the positive price action of ETH to declining liquid supply, with only 11 percent of the total supply currently available for trading compared to 15.8 percent in the same period last year.

The weekend witnessed a general shift towards profit-taking for most altcoins, including Solana, Ripple, USD Coin, Dogecoin, Avalanche, Polkadot, and Bitcoin Cash. Notable gains were recorded by Tron, Polygon, Litecoin, Near Protocol, Cosmos, and Cronos.

Dogecoin and Dogwifhat Make Waves

Chaturvedi highlighted Dogecoin (DOGE) as a significant gainer over the past week, surging over 25 percent to trade at $0.17. Additionally, Dogwifhat (WIF), another dog-themed meme coin, has made a notable entry into the meme coin market, becoming the third-largest with weekly gains exceeding 60 percent.

Market Volatility and Investor Caution

The overall market capitalization of the cryptocurrency sector has witnessed a marginal increase of 0.48 percent in the past 24 hours, currently valued at $2.67 trillion. However, despite the overall gains, several cryptocurrencies, including Tether, Binance Coin, Cardano, Shiba Inu, Chainlink, and Uniswap, have registered losses.

Market analysts have cautioned investors to exercise prudence, as the crypto market exhibits a persistent state of extreme greed. Investors are advised to conduct thorough due diligence before making any investment decisions and remain aware of the inherent risks associated with cryptocurrency trading.