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- 1 Bitcoin price recorded a new 90-day high, while it was trading at $27,787.81 on March 18, today.
- 2 Bitcoin price is doing quite well and is eventually against the recent performance of the U.S. stock market.
Bitcoin (BTC), the most traded cryptocurrency in the world, recorded a new high at $27,787.81, which is also its 90-days high. However, it is currently trading near $27,000. This price surge in Bitcoin signals that it is opposing the U.S. stock market, which is trying to heal from the recent major bank closures.
On March 10, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) after it was suffered from a fatal bank run. Then on March 12, the New York State Department of Financial Services closed Signature Bank. This made a huge impact on the traditional U.S. market. The crypto market was bullish amid this market shock.
Bitcoin Price Analysis
At press time, Bitcoin price is trading at $27,317.45 with a 24-hour trading volume of $47.26 billion. Bitcoin is up 4.67% in the last 24 hours, with a current market cap of $527.79 billion. Bitcoin noted a 7-day low at $20,068.66 and a high at $27,787.81. Still, the price is nearly 60% down from it’s all-time high of $68,789.63. Bitcoin price surged more than 30% in one week, while it is up 13% in one month. Year-to-date (YTD) price of Bitcoin also surged more than 60%, according to the data sourced from Tradingview.
Bitcoin recently surged to its highest levels in months that shows the proposal that the alternative that BTC as a hedge against instability in the traditional financial system. Meanwhile, Gold also reached an 11-month high. Bitcoin’s dominance is currently 45.16%, an increase of 0.16% over the day.
Crypto Market Highlights
The performance of the global crypto market indicates a bullish outlook. As most of the top-traded cryptocurrencies marked an upsurge in price in the last 7 days.
- Besides Bitcoin, Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Solana (SOL) surged nearly 25%, 11%, 17%, and 24% respectively in one week.
- The global crypto market cap is $1.17 trillion, a 4.22% increase since yesterday.
- The total crypto market volume over the last 24 hours is $83.50 billion, which makes a 20.80% increase.
- The total volume in Decentralized Finance (DeFi) is currently $7.27 billion, 8.71% of the total crypto market 24-hour volume.
- The volume of all stable coins stands at $78.06 billion, which is 93.49% of the total crypto market 24-hour volume.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
