• Bitcoin (BTC) is currently trading around $27,000
• Some are calling this the start of a new crypto bull market
• Ethereum (ETH) has seen 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 now hovering around the $27,000 mark. The banking system in the U.S. appears to be on the verge of collapsing as multiple banks face liquidity issues and other concerns. As financial markets plunge and investors panic, Bitcoin and other cryptocurrencies have experienced a rally that some are calling the start of a new bull market.
Total Market Capitalization
At present, Bitcoin’s total market capitalization stands at $513 billion, with the total cryptocurrency market capitalization sitting at $1.17 trillion. Ethereum (ETH), the second largest cryptocurrency by market cap, has also seen significant growth over the past week but not as much as Bitcoin (BTC). ETH/BTC is currently down 3%, its lowest since July 2022.
New Bull Market?
As BTC continues to pump up in value despite global financial turmoil, some believe that a new crypto bull market could be emerging. Analysts suggest that there is still room for further growth before we can expect an extended bearish period known as ‘the cycle mid-top’. This could translate into even higher prices for Bitcoin (BTC).
The last time BTC traded at $27,000 was June last year when it fell from its peak of $31,000 to $17,000 following the implosion of Terra-Luna ecosystem. Despite this previous dip in price however it seems that investors have regained confidence in Bitcoin and its ability to withstand economic shocks such as this one.
Staked ETH Withdrawals
As April 12 approaches – which marks staked ETH withdrawals – analysts predict that ETH/BTC will go down even lower before finding bottom again; potentially leading to an outperformance of Ethereum over Bitcoin once more. Time will tell how this affects both coins’ prices going forward but right now it appears that long BTC and chill szn might just be here!