• Bitcoin and Ethereum surge, pushing total crypto market cap above $1 trillion.
• Investors are seeking to diversify their portfolios with digital assets.
• Swiss National Bank lends $50 billion to insolvent Credit Suisse.
Bitcoin Price Surge
The global cryptocurrency market has managed to stop its previous losing streak and gained some ground, with Bitcoin and Ethereum leading the charge. Bitcoin, the world’s oldest and most valued crypto, climbed above the $25,000 mark early Friday morning, while Ethereum drew bids around above the $1,700 level. Other popular altcoins, including Dogecoin, Ripple, Litecoin, and Solana also landed in the greens. Bitcoin’s price has increased by more than 5% in the last 24 hours and is currently trading above $25,600. This surge has pushed the total crypto market cap above the $1 trillion mark making investors more confident.
The recent collapse of SVB and Silvergate banks has raised liquidity concerns in the market prompting customers to shift their focus towards digital assets. According to Apptopia cryptocurrency app downloads have increased by 15% following the collapse of big bank stocks. Investors are seeking to diversify their portfolios and reduce risks which have brought attention to introducing of a cryptocurrency to address faults of old financial system .
Ethereum Price Increase
Regarding Ethereum which is currently second largest crypto by market capitalization there are expectations that it will reach its all-time high of $2000 . The current rise in ETH price has been mainly driven by utilization of Ethereum blockchain technology in decentralized finance (DeFi) and non-fungible tokens (NFTs). In addition upcoming Ethereum Improvement Proposal (EIP) 1559 upgrade scheduled for July 2021 is anticipated to limit Ethereum supply which can cause supply crisis potentially driving its price even higher .
Swiss National Bank Rescues Credit Suisse
The Swiss National Bank lends 50 billion dollars to insolvent investment bank Credit Suisse , for time being this measure appears sparing terrible situation of European banking crisis yet uncertainty persists as COVID 19 epidemic and geopolitical tensions continue influence global economy . Thus this news did not have significant impact on bitcoin prices .
Cryptocurrency Market Continues Bullish Run
Despite positive sentiment trading volumes remain low , investors remain confident about future potentials of cryptocurrencies as a result huge 75 million dollar trading volume floods market causing whales buying trend . Cryptocurrency sector continues bullish run due new developments such as introduction of new coins , EIP upgrades etc driving prices much higher than before