WEEKLY ANALYSIS - Bitcoin sees recovery after recent bank issues, global crypto market cap reaches $1.01T
US regulators introduce assistance to help consumers recover lost funds as Binance Coin outperforms and Litecoin struggles.
After the recent Silicon Valley Bank and Silvergate issues that caused panic among investors, Bitcoin is recovering and has seen a nearly 10% increase in value over the last 24 hours as US regulators introduced assistance to help consumers recover their lost funds.
Bitcoin enthusiasts can start the week on a positive note, with the current BTC price at $22,127 as of writing after a 24-hour trading volume of $36,790,990,256. According to CoinMarketCap, BTC is currently ranked #1, with a live market cap of $430,030,420,664, a circulating supply of 19,316,175 BTC coins and a max supply of 21,000,000 BTC coins. On a weekly basis, BTC lost just 1.32%.
Although market sentiment remains bearish after the recent SVB bank turmoil and its impact on the USDC, Ethereum has found significant support around the $1,450 level – up 0.98% in the last 7 days – and is currently trading at $1,584 on a 24-hour volume of $13,817,528,012. It remains to be seen in the coming days whether ETH can hold this crucial level or succumb to the prevailing negative sentiment.
Among the altcoins, Binance Coin – the cryptocurrency that powers the BNB Chain ecosystem – is one of the top performers over the last 7 days, up over 3.53% to $295. On the other hand, Litecoin is one of the worst performers, losing 14.56% over the last week to reach $41.03.
The current value of the global cryptocurrency market is $1.01 trillion, which has increased by 5.88% in the past day. The total volume of the cryptocurrency market over the last 24 hours is $81.33 billion, which represents a substantial increase of 43.38%. In the last 24 hours, the total volume of the cryptocurrency market has grown by 2.09%, and it currently stands at $75.21 billion.