Bitcoin (BTC) Nears $27,000
• Bitcoin (BTC) has seen huge growth in the last seven days, with BTC currently hovering around the $27,000 mark.
• Some are calling for a new crypto bull market as banking stocks plunge and investors panic.
• Ethereum (ETH), the second largest cryptocurrency, has also seen significant growth, though not as much as BTC.
Growing Bull Market
Bitcoin (BTC) has grown tremendously over the past week, despite the panic in the global financial markets over banking system issues. BTC is currently trading at $26,574, up 6.5% in the past 24 hours and a staggering 30% in the past week. Ethereum (ETH), the second largest cryptocurrency, has also seen significant growth, though not as much as BTC. ETH is currently trading at $1,712, up 3.4% on the day and 19.7% in the past week. As BTC and other cryptocurrencies continue to pump some believe this is the beginning of a new bull market.
Federal Reserve Intervention
The banking system in U.S seems to be on verge of collapsing as multiple banks announce having liquidity issues and other concerns; even though Federal Reserve have tried to help struggling banks but still investors are panicking which led to bullish trend for crypto market despite global economic crisis situation .
Market Capitalization
Bitcoin’s market capitalization currently stands at $513 billion while total market capitalization of cryptocurrency is $1.17 trillion . The last time BTC traded at $27000 was June last year when it fell from 31000 to 17000 USD following implosion of Terra-Luna ecosystem . ETH/BTC is down 3%, lowest since July 2022 , some believe that it will go further down before finding its bottom .
Bull Market Predictions
Some predict that after ETH’s staked ETH withdrawals – April 12th – there could be more bleeding before finding its bottom but right now long BTC remains recommended course of action by experts . Twitter user CryptoCon tweeted that #Bitcoin Bull Market is underway far from Belief/Denial range of NUPL signaling a cooldown period and expecting mid-top rally coming with massive room for growth . With Bitcoin on track for third green monthly candle in a row it confirms that bull run may have already started .
Conclusion
As bitcoin nears 27000 USD , experts call for start of new bull market predicting massive room for growth despite economic crisis due to banking liquidity issues leading investors towards cryptomarket with Ethereum also showing significant gains albeit less than Bitcoin’s performance alongwith confirmation by third consecutive green monthly candle all signs point towards bullish trend ahead .
As bitcoin nears 27000 USD , experts call for start of new bull market predicting massive room for growth despite economic crisis due to banking liquidity issues leading investors towards cryptomarket with Ethereum also showing significant gains albeit less than Bitcoin’s performance alongwith confirmation by third consecutive green monthly candle all signs point towards bullish trend ahead .