Bitcoin (BTC) Outperforms the Global Market

• Bitcoin price climbed about 27% in the last seven days.
• BTC trading in rage between $27K to $28K.

The largest cryptocurrency market player, Bitcoin (BTC), started to outperform the market as a result of the failure of major banks like Silicon Valley Bank and Credit Suisse, which affected confidence in traditional financial institutions. Also, Bitcoin’s double-digit surge this year has surprised the crypto community.  

BTC began mid-March with super hikes, and its price climbed by over 33% from $19K to $29K in just 14 days. Bitcoin witnessed a strong weekly close that keeps $30,000 out of reach. Also, the market leader crossed the 50-week moving average, indicating a buy signal, as per Tradingview. 

Bitcoin’s Price Line

Bloomberg Intelligence believes that the banking crisis may be the “catalyst” for the next cryptocurrency bull run, in which Bitcoin is likely to beat all other cryptocurrencies. As the global crypto market looks for a new direction and crypto prices skyrocket, that lead is capped at $1.16 trillion. 

It all occurred due to the Bitcoin price changes, which have surged over 70% year to date, and 27% in a week. Also, the Bitcoin Fear & Greed Index is in “greed,” with a score of 64 out of 100. At the time of writing, Bitcoin traded at $27,972, with a 24H trading volume of $14  billion, which rose around 10%. According to CoinMarketCap, the market leader has a market cap of $539 billion and 46% of the market share. 

Further, the second largest cryptocurrency, Ethereum (ETH), climbed to the $1.8K range. Also, other altcoins such as BNB, MATIC, ADA, and memecoins SHIB and DOGE witnessed significant price surges. But still, the global crypto market is at a volatile stage.

Recommended for you 

• Bitcoin (BTC) Price Prediction 2023