Cryptocurrency Price on March 10: Bitcoin near $69,600; Dogecoin, Polygon rise up to 3%

After reaching a record high of $70,000 on Friday, Bitcoin corrected slightly and was trading near the $69,600 level during Sunday’s trading session. In the last 24 hours, Bitcoin jumped to an intraday peak of $69,760 in volatile trading. It was last 1.7% higher at $69,574 at 11 am IST.

The leading cryptocurrency topped the $70,000 mark for the first time on Friday, boosted by investor demand for new US spot exchange-traded crypto products and expectations for global interest rates to fall.

In recent weeks, billions of dollars have poured into ETFs, bolstering the market. This surge in investment is further fueled by optimistic prospects, including an upgrade to the Ethereum blockchain platform, home to the Bitcoin rival Ether, and an upcoming Bitcoin “halving” event in April, which reduces the rate of Bitcoin minting.

The approval of 11 spot bitcoin ETFs by the US Securities and Exchange Commission in late January marked a watershed moment for the industry, following an 18-month-long crypto winter plagued by a string of high-profile corporate bankruptcies and scandals.Net flows into the 10 largest US spot bitcoin funds reached $2.2 billion in the week ended March 1, with more than $2 billion of that going into BlackRock’s iShares Bitcoin Trust, according to LSEG data.The recent optimism over Bitcoin has also spilled over to other digital tokens, particularly ether, which ranks second behind Bitcoin in terms of total market value, up more than 70% since the start of the year.Among other major crypto tokens, Dogecoin, BNB, Toncoin, and Polygon surged 1-3% in the last 24 hours. While XRP, Shiba Inu, Tron, and Polkadot declined up to 2%.The global cryptocurrency market cap rose 1.2% to around $2.63 trillion in the last 24 hours, while the total crypto market volume was $93.6 billion, which makes a 37.9% decrease. The volume of all stablecoins is now $80.92 billion, which is 86.4% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.364 trillion. Bitcoin’s dominance is currently 51.89%, according to CoinMarketCap. BTC volume in the last 24 hours fell 55.6% to $25.8 billion.

(With inputs from agencies)

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