Today is shaping up to be another interesting day in the cryptocurrency industry as issues surrounding a number of banks in the United States are still ongoing.
Additionally, the US Bureau of Labor Statistics will release CPI numbers later today – an event typically associated with considerable volatility. Let’s dive into it.
Bitcoin price hits 20-day high
Since the US government, in the face of the Treasury, the Federal Reserve and the FDIC, jointly pledged to rescue the depositors of Silicon Valley Bank, the cryptocurrency industry has been booming.
Bitcoin’s price is currently trading above $24,000, having peaked at around $24,820 (on Binance) earlier today. This marks a 20-day high.
Part of the increase is also due to the fact that Binance decided to convert around $1 billion (from its industry recovery initiative) from BUSD to Bitcoin, Ethereum and Binance Coin.
However, with the CPI coming out later today, market volatility is expected to pick up. It should also be noted that following the developments with SVB, Signature Bank and Silvergate Bank, many major institutions are pressuring the Federal Reserve not to raise rates at the FOMC meeting, which will take place later in March. This also put upward pressure on the market.
Altcoins painted green
Altcoins are also doing very well, although it is obvious that BTC has done better than some. Ethereum managed to mine $1,700, and it is interesting to see if the cryptocurrency will be able to overcome this important level.
At the same time, others, such as LTC and DOT, are also seeing considerable gains. However, overall, the past few days have seen Bitcoin’s dominance increase. This is the metric that tracks its capitalization against that of the rest of the market, and it’s indicative of BTC’s strength right now.
The top performer among the top 100 coins in the last 24 hours is CFX – up 30%. WBT is also up around 17%, followed by OKB and RPL – both of which are up around 14% at the time of this writing.
At the other end of the spectrum, we have LEO, which did not rise and even fell by around 5%.
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