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Banking Crisis Sees Bitcoin Market Cap Rise By $26 Billion

Press Releases Crypto News Bitcoinist Banking Crisis Sees Bitcoin Market Cap Rise By $26 Billion

Today March 20, has been eventful in the Bitcoin and crypto market. Some top coins and altcoins have recorded gains in their seven days prices. While BTC is up by 3.47% in 24 hours, its seven days gains stand at 27.93%. On the other hand, Ethereum has gained 12.82% in 7 days even though it is losing in 24 hours price.

Surprisingly, the banking crisis could not deter BTC bulls from increasing prices. Instead, the events led to a positive trend reversal for the digital asset. The interest Bitcoin gained spiked its price to a 9-month high gain and market cap by $26 billion.

BTC Price Spiked Amid Ongoing Banking Crisis

Bitcoin chart on the price tracker shows it recorded impressive gains earlier today, hitting $28,554.07 before retracing to the current price of $27,851. At its peak today, the market cap gained an additional 46.50 billion. This price gain is a new 9-month high since June 13, 2022.

Bitcoin price continues to soar on the chart l BTCUSDT on Tradingview.com

Many Bitcoin supporters usually state that it is digital gold, a store of value during global financial turmoil. But BTC is outperforming gold recently as it has gained up to 70% this 2023 while the latter has gained 9%.

The number one crypto is setting its pace as usual while other coins follow behind. Today’s price performance shows BTC gains while many altcoins lose. For instance, Ethereum, the second crypto, is losing instead of gaining on the last day.

Others, including BNB, XRP, ADA, MATIC, DOGE, BUSD, SHIB, LTC, etc., are all down in 24 hours. But as BTC gains, WBTC also gains and shows a 3.49% gain in 24 hours and a 27.29% gain in 7 days.

What’s Driving Bitcoin Rally

The banking crisis is one of the major factors pushing the recent BTC rally. As Silvergate, Silicon Valley, and Signature banks collapsed, many investors started losing trust in the traditional banking systems.

Even though the US feds Go to Source to See Full Article
Author: Savannah Fortis

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