They say nothing is impossible in the crypto market and according to Bitcoin’s (BTC) latest price action, that saying might not be false as the top crypto has just climbed above $24,000 despite the ongoing US bank crash saga.
Over the past 24 hours, Bitcoin prices have soared in a rebound after recording a major plummet last week following the Silvergate fallout. At the time of writing, BTC currently trades above $24,000 with a trading price of $24,331.
Bitcoin Spikes 19% In One Day
Despite the fact that there is a reason for the decline in price, BTC has only continued to show a bullish trend since Sunday. Over the past 24 hours, the top crypto has added over $50 billion to its market cap, surging from a Sunday morning market cap low of $388 billion to $456 billion, at the time of writing.
This surge comes after Bitcoin initially showed exposure to the negative news in the industry last week alongside the rest of the crypto market. With news such as Silvergate shutting down operations and KuCoin being sued in New York, Bitcoin plummeted below $20,000 with a local bottom of $19,736 as of March 10.
However, the top crypto was quick to recover after two days of a downward trend. In the past 24 hours, Bitcoin has been up by 19% as its trading volume has continued to surge indicating a major buying pressure. BTC trading volume has spiked from a weekend-low of $25 billion to as high as $60 billion in the last 24 hours.
Interestingly, the rising buying pressure in Bitcoin comes at a time when the US bank crash headlines are not looking any positive. Yesterday, US regulators shut down Signature bank, one of the crypto-friendly banks beneficial to the industry. In addition, earlier today, Silicon Valley Bank, another crypto-friendly bank was reported to be acquired by HSBC for just 1 pound.
Crypto Market Joins In On The Rebound
Meanwhile, Bitcoin hasn’t been the only crypto in the market showing no exposure to the US bank crash. Other altcoins including Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), and Polygon (MATIC) have also recorded double-digit gains over the past 24 hours with ADA emerging as the highest gainer by 15.6% after Bitcoin’s gain of 17%.
Following behind with double-digit gains are ETH and BNB. Over the past 24 hours, ETH and BNB have also recorded significant surges with both assets up by 16.5% and 14.4% respectively. At the time of writing ETH currently trades at $1,689 looking to soon cross over the $1,700 mark. BNB on the other hand already crossed above the $300 mark and currently trades at $313.
MATIC was also part of the spike movement with a surge of 12.2%. The asset still ranks steadily above Dogecoin (DOGE) with a market cap of $10.6 billion while DOGE’s market cap still ranges just above $10 billion.
Notably, among the largest crypto by market cap, Ripple (XRP) is the lowest gainer up by only 7.2% in the last 24 hours with a trading price of $0.38.