• Bitcoin (BTC) nears $27,000 as talk of new bull market emerges.
• Banking system in the U.S. is on the verge of collapsing, but BTC and other cryptocurrencies are experiencing a rally that some are calling the start of a new bull market.
• Ethereum (ETH) is also seeing significant growth, though not as much as BTC.
Bitcoin Nears $27,000
Bitcoin (BTC) has seen huge growth in the last seven days and is currently hovering around the $27,000 mark according to data from CoinGecko. The last time BTC traded at this level was June 2020 when it fell from $31,000 to $17,00 following the implosion of the Terra-Luna ecosystem. The total market capitalization of all cryptocurrencies is currently at $1.17 trillion with BTC’s market cap standing at $513 billion.
Banking System Collapsing
The banking system in the U.S., despite help from the Federal Reserve, seems to be on the verge of collapsing due to multiple banks announcing liquidity issues and other concerns. Investors are panicking causing banking stocks to plunge while Bitcoin and other cryptocurrencies experience a rally that some believe signals a new bull market beginning.
Ethereum (ETH), which is currently trading at around $1,712 according to CoinGecko data, is also seeing significant growth over past week – although not as much as Bitcoin – up 3% on the day and 19% in past week. ETH/BTC ratio has gone down 3%, lower than it’s been since July 2022 with some expecting it will continue going down further before finding a bottom – April 12th being date for staked ETH withdrawals coming soon.
New Bull Market?
Some analysts believe that Bitcoin’s current rally could signify a new crypto bull market beginning while others remain cautious suggesting that there may still be more dips before prices stabilize again and show consistent uptrends over time frame longer than days or weeks long trend we’ve seen recently can be sustained before prices start dropping again significantly compared to current levels if no fundamental news affecting demand for cryptocurrency were to come out during this period lasting few months or so until next major price movement happens either way up or down depending on news events that come out during this time period potentially affecting demand for cryptocurrency either positively or negatively .
As Bitcoin continues to pump along with other cryptocurrencies, some believe this could signal a new bull market while others remain wary about predicting an extended uptrend just yet given potential negative news events coming out over next few months that could affect demand for cryptocurrency negatively thus bringing prices back down significantly compared to current levels if no positive fundamental news affecting demand were to come out during this same period too ensuring trend remains upwards instead eventually stabilizing towards end result where both positive & negative news events have been taken into account resulting in overall steady rise or fall depending on majority consensus reached among investors regarding what future holds ahead regarding digital asset markets globally speaking .