On March 19 local time, market data showed that the price of Bitcoin, the world‘s largest cryptocurrency, broke through $28,000, a 24-hour increase of 3.13%, the highest point since June 12, 2022. Ethereum, the world‘s second largest cryptocurrency, once broke through $1,800, rising by more than 12% on the 7th. Cryptocurrency has become one of the options for investors to avoid risks since the crisis of the Silicon Valley Bank in the United States in the past few weeks.
CoinGecko data shows that in the past week, the price of Bitcoin has increased by as much as 27.5%, breaking through the key points of $22,000, $25,000 and $28,000 in a row. As Bitcoin continues to rise, the total market value of cryptocurrencies has also continued to rise, and has now exceeded $1.2 trillion.
Meltem Demirors, Chief Strategy Officer of CoinShares, said that when funds flow quickly, the increase will become larger, and given the ongoing turmoil in the banking industry, cryptocurrencies will also experience such volatility. She also pointed out that over the past six months, the volume of cryptocurrency transactions in the market has been record high, and that the current “encryption trading environment is still very risk-free.”
Bitcoin rose against the trend amid the bank turmoil and hit its highest price in nine months. Click on the video to see it!