The recent financial crisis, which has seen multiple banking giants collapse within days of each other and put even more at risk, does not seem to bother the cryptocurrency industry nor its representative asset, Bitcoin (BTC), as they are both writing down gains amid the widespread uncertainty in the banking sector.
As it happens, the total capitalization of the cryptocurrency market has received an influx of $211.83 billion over the past seven days, as it went from $918.17 billion to $1.13 trillion, while the price of Bitcoin raced over 30% during the same period, according to the latest information retrieved by Finbold on March 17.
Indeed, the fears of the banking contagion spreading and decreased confidence in financial institutions seem to have sparked a sort of a crypto frenzy. As they sought refuge from institutional uncertainty, investors began to increasingly turn toward crypto exchanges and purchase Bitcoin and Ethereum (ETH) en masse.
At the same time, Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ has been advising his followers to buy Bitcoin, gold, and silver, while Galaxy Digital CEO Mike Novogratz believes investing in crypto is a smart move as the global economy is approaching recession.
Bitcoin price soaring
At press time, Bitcoin was changing hands at the price of $26,690, demonstrating an increase of 7.06% in the last 24 hours, adding up to the accumulated weekly gains of 30.98% and 20.12% across the previous 30 days, as the charts indicate.
Meanwhile, Bitcoin’s remarkable recovery has also led some crypto experts to believe that a massive multi-month rally could be in store for the flagship decentralized finance (DeFi) asset, although the possibility of a deep correction and/or sideways consolidation is still in the picture, without invalidating the bullish market structure.
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