• Bitcoin (BTC) has seen an impressive price spike of 3.47% in the last 24 hours and 27.93% in the past 7 days, reaching a 9-month high market cap of $26 billion.
• The recent bank crisis has caused investors to lose faith in traditional banking systems and turn to digital assets such as BTC for safety.
• Other altcoins have also seen gains with WBTC recording a 3.49% gain in 24 hours and 27.29% gain in 7 days.
Bitcoin Price Spikes Amid Ongoing Banking Crisis
March 20th proved to be eventful for the Bitcoin and crypto markets, with many top coins and altcoins recording significant gains over their seven day prices. Despite a banking crisis that could have deterred BTC bulls, the digital asset saw its price skyrocket to a 9-month high with a market cap increase of $26 billion.
24 Hour Overview
The price tracker shows Bitcoin recorded impressive gains earlier today, hitting $28,554.07 before retracing back to its current price of $27,851 and peaking at an additional 46.50 billion market cap increase during this time period. This marks the highest point since June 13th, 2022 when it reached its previous 9-month high mark – showcasing just how much potential this digital asset holds amidst global financial turmoil or otherwise.
7 Day Gains
Even though Ethereum has lost 1% on its 24 hour price chart, it has still managed to record 12.82% gains on its 7 day chart – proving that other major crypto players are not far behind Bitcoin’s impressive performance either way! Similarly WBTC gained 3.49% in 24 hours and 27.29% over 7 days, showing that even though some coins may lag slightly during certain periods of time there is still potential for growth across all major cryptos despite short term fluctuations here and there..
What’s Driving Bitcoin Rally?
The banking crisis is one of the main factors driving this recent BTC rally; as Silvergate Bank, Silicon Valley Bank and Signature Bank collapsed many investors lost trust in traditional banking systems leading them to turn towards cryptocurrency for safety instead; further exacerbating this situation was an alarming report from economists about how a potential bank run could potentially crash 190 US banks which only added fuel to the fire as far as BTC prices were concerned!
Bitcoin continues setting its own pace while many altcoins follow behind accordingly; today’s performance exemplifies that trend yet again with BTC gaining while others lag behind – however they are all still up regardless when compared against their respective 7 day charts which is always reassuring news regardless where one stands on the overall outlook for cryptocurrencies moving forward into 2021!