Bitcoin (BTC) witnessed a significant gain in the past 24 hours after a 5-day decline. Meanwhile, the cryptocurrency market was trading higher on Wednesday with altcoins leading the rally.
Over the past 24 hours the digital assets industry posted a substantial upswing with the total crypto market cap rocketing more than 4%to 1.20 trillion. The total crypto market volume in the last 24 hours increased 17.32% to 42.28 billion.
The recent surge was led by First Republic Bank’s $100 billion deposit loss, raising banking stability concerns. In addition, its share price also tanked nearly 50%. The sudden fall in deposits come on the heels after United States regulators shut three major crypto friendly banks in the US.
However, on the flipside, the shuttering of Silicon Valley Bank (SVB), Signature Bank and Silvergate Capital Corp., helped the crypto market to witness a mini bull run. The banking crisis seems to have boosted investor confidence in crypto against the monopolistic traditional financial ecosystem. It helped to rekindle the debate on the importance of crypto and the decentralized finance (DeFi).
Bitcoin (BTC) Gains More Than 6%
According to CoinMarketCap, Bitcoin (BTC) is up 6.19% in the last 24 hours to trade at $29,058. The flagship token surged as investors responded favourably to the fairly optimistic Q1 earnings report from Alphabet and Microsoft.
Bitcoin’s dominance also rose 0,54% over the day to 46.56%. It is likely that fresh concerns over United States bank stability has pushed the digital token over the past 24 hours. The recent rally can also be attributed to technical buying ahead of the 50-day moving average and near-term support levels.
Market experts suggested with a short-term buy signal triggered less than a week ago, historical trends suggest that Bitcoin (BTC) could experience a 7% gain over the next 10 days. Financial information resource Stockmoney Lizards tweeted that Bitcoin (BTC) will continue to trend up with minor pullbacks.
chart is easy to read. Very repetitive.
Bear market ended in 2022. BTC will continue to trend up (with minor pullbacks). pic.twitter.com/BQrdIkQlQl
— Stockmoney Lizards (@StockmoneyL) April 25, 2023
On the other hand, Sathvik Vishwanath, CEO at Unocoin argued Bitcoin’s rise has been driven by safe-haven demand amid fears of a banking crisis, a recovery in market conditions and a belief that the Fed’s tightening cycle is coming to an end. Another analyst, Jelle wrote,
“Expecting a minor dip into the area we just broke, before continuing higher. The 4h candles may look scary, but I’m not worried. 30k remains the target for this trade.”
A strong bounce from the lows as expected, my #Bitcoin longs are printing.
Expecting a minor dip into the area we just broke, before continuing higher.
The 4h candles may look scary, but I'm not worried.
30k remains the target for this trade. pic.twitter.com/Bl1Px0GKvW
— Jelle (@CryptoJelleNL) April 26, 2023
Altcoins Lead Market Rally
In tandem with Bitcoin, the second largest digital asset, Ethereum (ETH) also surged 5.11% in the last 24 hours to trade at $1,915. Experts claimed that ETH price consolidates tightly in an overall bearish trajectory characterized by lower highs and lower lows. Despite the bearish outlook, the pressure build-up suggests ETH could break out soon.
Similarly, Altcoins posted strong gains and were in line with the blue chips.Cardano (ADA) and Solana (SOL) skyrocketed 6.76% and 7.06% in th last 24 hours, respectively. In the same time frame, XRP, Polkadot (DOT) and Litecoin (LTC) increased in the range between 2% and 4%. Popular memecoins including Dogecoin (DOGE) and Shiba Inu (SHIB) also traded with gains.