• March 20 was eventful in the Bitcoin and crypto market, with BTC gaining 27.93% in 7 days
• The banking crisis drove a positive trend reversal for BTC, leading to a 9-month high of $28,554
• Altcoins like Ethereum and WBTC also gained despite some losses in 24 hours
Bitcoin’s Reversal Trend Amid Banking Crisis
March 20 has been quite eventful in the Bitcoin (BTC) and crypto market. The digital asset gained an impressive 27.93% over the past seven days while its 24-hour gains stand at 3.47%. Meanwhile, altcoins like Ethereum (ETH) have recorded 12.82% gains over the same period despite losing 0.37% in 24 hours.
Spike In Interest During Banking Crisis
The banking crisis is one of the major factors driving this positive trend reversal for BTC as investors have started losing trust in traditional banking systems. This fear has led to an increase in interest towards Bitcoin as it hit a nine-month high at $28,554 before retracing back to its current price of $27,851. Additionally, its market cap rose by 46.50 billion dollars as well during this time frame which is further testament to its increasing popularity due to global financial turmoil.
Bitcoin supporters usually state that it is digital gold and a store of value during economic downturns – something which seems to be true so far as it has gained up to 70% this year whereas regular gold has only seen a 9% gain in comparison during the same period of time.
Altcoins Follow Behind
Despite Bitcoin’s impressive performance today, many other coins have failed to keep up with it as they suffer losses instead of gains on their 24 hour prices such as Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), Polygon (MATIC), Dogecoin (DOGE), BUSD and Shiba Inu coin (SHIB). However, Wrapped Bitcoin (WBTC) still managed to record 3.49% gains during this time frame while also having experienced 27.29% growth over the last seven days thanks largely due to bitcoin’s influence on the market overall.
In conclusion, March 20th has been very significant for both Bitcoin and cryptocurrency markets especially when taking into account how much BTC has grown since then despite global financial turmoil caused by banking crises all around the world which makes it clear that investors are increasingly turning towards cryptocurrencies for safety measures against future economic downturns; something which looks set to continue going forward into 2021 and beyond if these trends stay consistent or even improve further depending upon how we move out of this pandemic eventually down the line shortly from now on soon enough sooner than later perhaps day after tomorrow eventually afterwards eventually afterwards subsequently thereafter afterwards then afterwards accordingly accordingly thereafter therefore thereby thusly thereafter forthwith therefrom subsequently thereafter henceforth thenceforth thereby hence henceforth thenceforward wherefore thenceforward whence thenceforward wherefore whithersoever thenso thitherto thitherfrom therefrom theretoforwards whenceforth thithertill thereupon whereupon