Global Crypto M-Cap At $2.12 T: Bitcoin Tops $47K, Polkadot Gains Over 8%

Major cryptocurrencies in trade on March 28, 2022 are zooming, with Bitcoin-the most popular and largest crypto by m-cap close to top $47K. Last at around 2:09 pm (IST), bitcoin was up over 5% at $46,945. As per CoinSwitch data, Bitcoin in INR is priced at Rs. 35,96,318.

Other top assets/digital tokens as compiled by Coindesk which roughly constitute 99% of the market by volume at eight of the largest and most trustworthy exchanges also traded with gains of up to 15% on Internet Computer. Likewise, Ethereum, Solana, Avalanche, Polkadot, Stellar, Dogecoin, Chainlink and ShibaInu traded with gains of over 5%.

Notably on the substantial gains in the digital tokens, the global crypto market cap has once again reclaimed the $2 trillion mark and stands at $2.12 trillion, a 4.81% increase over the last day. The total crypto market volume over the last 24 hours is $106.04B, which makes a 70.89% increase.

Nevertheless, stablecoins pegged to the US$ including USD Coin and Tether traded softly.

Bitcoin briefly moves past its 2022 yearly breakeven point

Earlier in the day, bitcoin as per Coindesk report briefly moved past its 2022 yearly breakeven point of $47201, hitting a high of $47,524 before retreating lower. But again as we write bitcoin hit $47K mark again.

Reasons for sharp gains in cryptocurrencies including bitcoin

QCP capital based out of Singapore is of the view that the current bullish momentum shall sustain in the near term and attributes it to broader gains in global asset prices. Another driver supporting the rally in bitcoin is the continued purchase in the digital token from Luna.