Bitcoin, the world’s largest cryptocurrency, continues its upward rally and attracted more bids around the $28k mark as the total cryptocurrency market capitalization exceeded $1.17 trillion, indicating positive momentum in the crypto market and contributing to BTC gains.
This trend coincides with some major US banks experiencing challenges, which has renewed discussions about the significance of digital currency.
Likewise, Ethereum has sustained its bullish trend and is trading well above the $1,800 level. Other cryptocurrencies like Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) have also seen significant gains.
It is worth noting that Bitcoin, the world’s most popular cryptocurrency, has increased by 37% in the last week.
This suggests that the value of Bitcoin will have climbed by $194 billion in 2023, or a 66% increase.
But, rising fears of a worldwide banking crisis prompted investors to seek alternative forms of currency, such as Bitcoin, to preserve their holdings.
Cryptocurrency Market Reaches $1.17 Trillion Amid US Banking Crisis
The global cryptocurrency market has been gaining momentum and has surpassed the $1.17 trillion milestone. The ongoing banking sector crisis in the United States is considered one of the primary reasons for the cryptocurrency’s upward trend, as it highlights the significance of digital assets.
More people are turning to cryptocurrencies for their investment needs.
The growing global cryptocurrency industry is attracting investors who are looking for alternative investment opportunities.
The recent crises in the banking sector have highlighted the value of digital assets, and Bitcoin is leading the way, making it an innovative and exciting investment prospect that is expected to attract more people.
US Banking Crisis May Send Bitcoin to $1M in 90 Days, Predicts Former Coinbase CTO
As is widely known, US banks have been facing challenges, resulting in a decline in their value. This came after the recent shutdown of Silvergate and the authorities’ seizure of Signature Bank and Silicon Valley Bank. In Europe, Credit Suisse was acquired by UBS Group for $2 billion to aid Switzerland in maintaining financial stability.
As the financial crisis highlights the value of digital assets, more people are turning to cryptocurrencies. The ongoing financial sector crisis in the United States is also viewed as a primary driver of the cryptocurrency’s upward trend, making it more appealing than other currencies.
Former Coinbase CTO Balaji Srinivasan believes that if a global banking crisis occurs, Bitcoin’s price could reach $1 million in less than 90 days. He anticipates a hyperinflationary scenario in the United States caused by a banking crisis, which will cause Bitcoin’s value to skyrocket in the coming days.
Srinivasan has even bet $2 million on his prediction of the future of the US economy and its potential impact on Bitcoin’s value. The continuous financial instability has fueled demand for Bitcoin and other cryptocurrencies as a safe-haven investment, resulting in a spike in BTC prices.
On Monday, the BTC/USD pair continued to rise, breaking through the resistance level of $27,750. If this bullish trend continues, it could potentially reach $30,700 or even higher.
However, if the support levels at $26,700 or $25,200 fail, the next support level for Bitcoin is at $23,150. Despite potential dips, the overall trend remains strong due to the formation of bullish engulfing candles.
On Monday, the ETH/USD pair is showing a bullish bias, but its upward momentum is not as strong as Bitcoin. Ethereum is currently struggling to break through the $1,800 level. If the ETH/USD pair manages to surpass this level, it is likely to face immediate resistance at the $1,900 mark.
On the lower side, the ETH/USD pair is likely to gain immediate support at either the $1,700 or $1,620 level.
This article was originally published by CryptoNews.