• Bitcoin (BTC) recorded impressive gains earlier today, hitting $28,554.07 before retracing to the current price of $27,851.
• The banking crisis is one of the major factors pushing the recent BTC rally as many investors started losing trust in traditional banking systems.
• Other coins like Ethereum (ETH), BNB, XRP, ADA, MATIC, DOGE, BUSD, SHIB and LTC are all down in 24 hours while BTC gained 27.93% in 7 days.
Bitcoin Price Spikes Amid Banking Crisis
The Bitcoin market was eventful on March 20th with some top coins and altcoins recording gains in their seven-day prices. BTC is up 3.47% in 24 hours and its seven-day gain stands at 27.93%. Ethereum has gained 12.82% in 7 days even though it is losing against the dollar in 24 hours price performance. Surprisingly, the banking crisis did not affect Bitcoin’s bull run as it led to a positive trend reversal for the digital asset causing it to gain $26 billion in market cap and hit a 9-month high of $28,554.07 before retracing back down to its current price of $27,851..
Reasons Behind The Rally
The banking crisis is one of the major factors driving this recent BTC rally as many investors started losing trust in traditional banking systems after Silvergate Bank collapsed along with Silicon Valley and Signature banks despite efforts from US Feds to support them by providing funds for depositors’ demands.. Analysts also alarmed people about how a bank run could crash 190 US banks which further exacerbated fears among investors who then sought refuge in Bitcoin’s store of value and digital gold status during times of global financial turmoil..
While BTC has been soaring on the charts other coins have not seen such success today with Ethereum being an example as it lost against USD instead of gaining today while other coins like BNB ,XRP ,ADA ,MATIC ,DOGE ,BUSD ,SHIB <C are all down within 24hours time frame but WBTC got 3.49 % gain within 24hours & 27 .29 % gain within 7 day’s time frame .Despite these losses many altcoins have still managed to post impressive gains over a seven-day period .
As Bitcoin continues to outperform gold by 70%, up till now this year compared to gold’s 9%, there is optimism that this trend will continue if fear persists about traditional banking systems stability .Meanwhile other Altcoins will look forward for better returns when given more chances .
In conclusion we can see that although altcoins have seen losses against USD today due to various reasons they still managed to post impressive gains over a seven-day period showing that crypto markets are resilient enough despite any negative events or news . It appears that investors are seeking refuge from traditional banking system volatility through investing into cryptocurrencies such as Bitcoin which continues its bull run since June 13th 2022 giving an optimistic outlook for future investments into cryptos regardless of any external events or news