• Bitcoin (BTC) has seen huge growth in the last seven days and is currently hovering around the $27,000 mark.
• Some are calling for a new crypto bull market due to banking system issues and investor panic.
• Ethereum (ETH), the second largest cryptocurrency, has also seen significant growth with BTC/ETH down 3%, the lowest since July 2022.
Bitcoin (BTC) Nears $27,000
Bitcoin (BTC) has grown tremendously over the past week, hitting a high of $26,574 with a total market capitalization of $513 billion. This marks an impressive 6.5% increase in the past 24 hours and 30% increase in the past week.
Talk of New Bull Market Emerges
As banking stocks continue to plunge and investors look for safe havens, some believe that this could be the start of a new bull market for cryptocurrencies. Ethereum (ETH), the second largest cryptocurrency by market cap, is up 19.7% in the past week with BTC/ETH down 3%, which is its lowest level since July 2022.
Banking System in U.S.
The banking system in the U.S., despite Federal Reserve help, seems to be on shaky ground as multiple banks announce liquidity issues and other concerns causing investor panic across markets worldwide.
Staked ETH Withdrawals
The date for staked ETH withdrawals – April 12 – is quickly approaching causing further speculation about where prices will go from here as some predict ETH will go even lower before finding a bottom.
Preparing For Mid-Top Cycle
As BTC and other cryptocurrencies continue to pump, analysts are preparing for what’s next as some believe this may be just the beginning of a new crypto bull market cycle with many predicting a mid-top cycle event coming soon but not expecting it to last as long as last time’s cycle event did.