Bitcoin Soars 30% Amid Market Chaos, Reaches $26.6K
• Bitcoin has surged impressively in the past seven days, with a 30% increase and reaching a trading price of $26,600.
• Investors are diversifying their portfolios and looking to cryptocurrencies as a means of reducing risk due to liquidity concerns arising from recent banking collapses.
• Bitcoin’s total value locked has increased significantly, surging to $142.31 million, which is the highest value locked since May 5th 2022.
Bitcoin’s Strong Weekly Surge
Bitcoin has seen an impressive 30% surge in its trading price over the past week, bringing it back to levels seen in June 2022. This growth along with gains made by other cryptocurrencies have led to the total cryptocurrency market cap surpassing the $1.1 trillion mark.
Liquidity Concerns Lead To Diversification
Due to liquidity concerns caused by recent banking crashes, investors are diversifying their portfolios and seeking risk reduction through investing in cryptocurrencies such as Bitcoin.
Total Value Locked On Bitcoin Increases
Data indicates that Bitcoin’s total value locked has increased significantly, surging to $142.31 million – the highest value locked since May 5th 2022. This surge shows that investors have trust in this cryptocurrency and are optimistic about its growth potential.
On-Chain Metrics Point To Bull Market
Glassnode’s “Recovering From A Bitcoin Bear” dashboard monitors eight key indicators which suggest positive signs for Bitcoin’s recovery and transition from a bear market into a period of recovery or new bull run.
The growing confidence in investors along with strong on-chain metrics indicate a positive outlook for the crypto market; especially considering how well it performed amidst market chaos and traditional financial instability