Bitcoin soared around $2,000 in one day as the US Federal Reserve announced a $300 billion loan to some struggling US banks, including Silicon Valley Bank and Signature Bank.
Altcoins also turned green today, with ETH reclaiming $1,700, while BNB, MATIC, DOGE, and DOT are up over 5%.
BTC surges above $26,000
A lot can change in the cryptocurrency space in a week and the last seven days are a prime example. Bitcoin struggled to stay above $20,000 last Friday amid mounting banking issues with several industry-related organizations.
After a relatively calm weekend in which BTC hovered around $20,500, the asset broke out in the following days.
It first rose above $22,000 before two more increases took it to $26,500 on Tuesday. This became its highest price since June 2022. The bears finally came to play and pushed the cryptocurrency south. As a result, bitcoin slid to $2,000 on Wednesday.
However, the US central bank said it lent $300 billion to prop up some troubled US banks. More than $140 billion went to Signature Bank and SVB.
This had a profound effect on BTC’s price performance, as the asset exploded another few thousand dollars and recouped $26,000. It is also trading there as of now, which has pushed its market capitalization to over $500 billion. His alt dominance also continues to increase and has reached 45%.
Alts in the green
Many altcoins suffered yesterday, but the landscape is totally different today. Ethereum bounced back above $1,700 after a 4% daily rise. Binance Coin is well above $330 after gaining more than 5% in the past 24 hours.
MATIC, Dogecoin, Polkadot, and Avalanche are seeing similar increases. Cardano, Solana, Shiba Inu, Ripple and Litecoin are also in the green, but with more modest gains.
STX soared the most against mid-cap alts (19%). As a result, the asset jumped above $1.
Overall, the crypto market cap added $50 billion in one day. This helped the metric reclaim the coveted $1.1 trillion line.
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