Bitcoin and Ethereum Rally: Crypto Market Soars 6% in a Day!
• Bitcoin (BTC) surged 8% to hover above $22K and Ethereum (ETH) jumped to $1.6k in the last 24h, driven by a cascade of bank failures and recovery of Circle’s USDC cash reserves.
• Shiba Inu (SHIB) established itself as the top trending cryptocurrency with its Shibarium Beta launch on Sunday.
• The global crypto market cap spiked over 6% in a day, which was suppressed by the bullish rally exhibited by Bitcoin and other altcoins.
Bitcoin & Ethereum Rally
Bitcoin (BTC) surged 8% to hover above $22K after setting its 2-month-low, i.e, $19.6k, in the past week. BTC Price Chart exhibited its maximum spike of over 9% from the previous day, in a specific 24h frame – from $20,586 to $22,630 – as per CMC. At the time of writing, BTC traded at $22,135 with a 24h price change of over 7.8%. Similarly, Ethereum (ETH) also registered its surprising rally to a range above $1,500. ETH Price Chart recorded its maximum spike of over 10% from the previous day. As per CoinMarketCap, ETH surged from $1,474 to $1,629 in a specific 24h frame and it traded at $1,584 with a 24h price change of 7.58%.
Factors Behind Rally
The global crypto market cap spiked over 6% in a day due to several factors like Fed’s intervention in bank failures such as Silvergate Bank , Silicon Valley Bank and Signature Bank and Binance converting BUSD to BTC and ETH . The sudden de-pegging of Circle-issued USDC is also an aftermath of Silicon Valley Bank fall but it was recovered when US federal government refused SVIB’s bailout and initiated fund recovery process .
Shiba Inu Impact
With the Shibarium Beta – Puppynet – launch on Sunday Shiba Inu (SHIB) established itself as one of the top trending cryptocurrencies but it did not exhibit notable price surge subsequently after that event . SHIB Price Chart recorded its maximum spike around 5 %from previous day however it didn’t make any major impact on market cap .
Global Crypto Market Cap Spike
The gloomy period witnessed by macroeconomy due to bank failures was suppressed by bullish rally exhibited by Bitcoin and other altcoins resulting into global crypto market cap spike over 6 %in last 24 hours . This is mainly because investors were optimistic about recovery process triggered by US federal government refusal for SVIB’s bailout process .