The crypto market experienced significant volatility after the Signature Bank and the Silvergate bank collapsing. Both banks are known for their crypto-linked operations. The top cryptocurrencies by market cap including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), noted a more than 6% increase in the last 7 days.
Crypto Market Analysis
According to CoinMarketCap, the global crypto market cap reached $1.08 trillion, with a 0.31% decrease yesterday. The total crypto market volume over the last 24 hours was $81.54 billion, a 18.54% decrease. The total volume in DeFi is currently $7.33 billion, 8.99% of the total crypto market 24-hour volume. The volume of all stablecoins is now $76.79 billion, 94.18% of the total crypto market 24-hour volume.
Bitcoin (BTC) Price Analysis
At press time, Bitcoin is trading at $24,897.19 with a 24-hour trading volume of $43.13 billion. It is up by 0.20% in the last 24 hours with a current market cap of $480.98 billion. Bitcoin dominance is currently 44.35%, an increase of 0.38% over the day.
Amid news of bank collapses, Bitcoin marked its 90-day high at $26,514.72, which is also the 7-day high. While its 7-day low was $19,628.25. In one week, Bitcoin gave a nearly 14% increase in its trading price.
Ethereum (ETH) Price Analysis
Ethereum is currently trading at $1,659.12 with a 24-hour trading volume of $12.40 billion. ETH is down by 1.17% in the last 24 hours with a current market cap of $203.03 billion. Ethereum is up almost 8% in the last 7 days. While its 7-day low was at $1,378.53, and the high was at $1,779.92, which is also its 90-day high.
Solana (SOL) Price Analysis
At press time, Solana price is trading at $19.58 with a 24-hour trading volume of $747.38 million. However, SOL is down 4.20% in the last 24 hours, with a market cap of $7.50 billion. SOL rose by nearly 6% in the last 7 days and marked a high at $22.11 and a low at $16.12.
Analysts at Bitfinex, a crypto exchange, said, “indicators tracking wallet data show that while a long-term bullish trend remained intact, a shorter-term view describes the latter stages of a bear market,” as CoinDesk reported.
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.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/03/16/crypto-market-performance-after-turmoil-of-crypto-linked-banks/