Bitcoin (BTC) surges above $24,000 amid US banking crash
They say nothing is impossible in the crypto market, and according to Bitcoin’s (BTC) recent price action, that may not be true as the top crypto has just climbed above $24,000 despite the ongoing US bank crash saga.
During the last 24 hours, Bitcoin prices have rebounded after registering a sharp fall last week following the Silvergate fallout. At the time of writing, BTC is currently traded over $24,000 with a trade price of $24,331.
Bitcoin spikes 19% in one day
Despite there being a reason for the price decline, BTC has only continued to show a bullish trend since Sunday. In the past 24 hours, the top crypto has added over $50 billion to its market cap, rising from a Sunday morning market capitalization of $388 billion to $456 billion at the time of writing.
This wave comes after Bitcoin showed initial exposure to the negative news in the industry last week along with the rest of the crypto market. With news such as Silvergate closing operations and KuCoin being sued in New York, Bitcoin fell below $20,000 with a local low of $19,736 as of March 10.
However, the top crypto was quick to recover after two days of a downtrend. Over the past 24 hours, Bitcoin has been up by 19% as trading volume has continued to rise, indicating heavy buying pressure. BTC trading volume has increased from a weekend low of $25 billion to as high as $60 billion in the past 24 hours.
Interestingly, the increasing buying pressure in Bitcoin comes at a time when the headlines on the bank crash in the US do not look positive. Yesterday, US regulators shut down Signature bank, one of the crypto-friendly banks favorable to the industry. Additionally, it was reported earlier today that Silicon Valley Bank, another crypto-friendly bank, was acquired by HSBC for just £1.
The crypto market joins the rebound
Meanwhile, Bitcoin has not been the only crypto in the market that has shown no exposure to the US banking crash. Other altcoins included Ethereum (ETH)Binance Coin (BNB), Cardano (ADA) and Polygon (MATIC) have also recorded double-digit gains over the past 24 hours, with ADA emerging as the top gainer at 15.6% following Bitcoin’s 17% gain.
Following with double digit gains are ETH and BNB. Over the past 24 hours, ETH and BNB have also recorded significant increases with both assets up by 16.5% and 14.4% respectively. At the time of writing, ETH is currently trading at $1689 and looks set to cross $1700 soon. BNB on the other hand has already crossed the $300 mark and is currently trading at $313.
MATIC was also part of the spike movement with an increase of 12.2%. The asset still ranks evenly above Dogecoin (DOGE) with a market cap of $10.6 billion, while DOGE’s market cap still hovers just above $10 billion.
Notably, among the largest cryptos by market cap, Ripple (XRP) is the lowest gainer up just 7.2% in the last 24 hours with a trading price of $0.38.
Featured image from Unsplash, chart from TradingView.
