Crypto On March 28: Bitcoin Rallies Over $46k, Market Cap Zooms Over $2.1T

The cryptocurrency market received a bullish start to the week as top token Bitcoin rallied over $46.5K after three months. The global market cap was up 4.73% at $2.12 trillion as of 3.50 a.m. ET, CoinMarketCap data showed.

Bitcoin was trading at $46,963, 5.08% higher, bouncing back to levels seen at the start of the year. Ethereum, too, surged 5.19% to $3317.

Industry insiders believe that Bitcoin’s rally over $46k comes as Singapore-based Luna Foundation Guard (LFG) purchased another $125 million worth of the digital asset, in order to take exposure to $10 billion Bitcoin.

“The pre-existing supply crunch, evident by constant drainage off exchanges over the past few months also added to the price rally. With bitcoin leading the charge, most of the altcoins have followed suit, averaging overnight returns of ~ +5%,” CoinDCX Research Team told International Business Times.

Bitcoin's price climb is essentially good news for investors who bought BTC at the beginning of the year indicating that they are at breakeven.

Ethereum rose 5.19% to $3317. Barring Tether and USD Coin, all other top coins traded in the green. Meme cryptos Shiba Inu and Dogecoin too surged.

Raj Kapoor, the chief advisor at Acryptoverse, believes that the growing inflation of the U.S. dollar could be one of the reasons for the rise in prices.

In other news, a digital collection of South Africa’s first black president Nelson Mandela’s original arrest warrant was sold for more than $130,000 as a non-fungible token (NFTs) to fund a heritage site.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.