Bitcoin (BTC) Reaches $27K: Is a New Crypto Bull Market Emerging?
• Bitcoin (BTC) has seen significant growth in the last seven days and is currently hovering near the $27,000 mark.
• Some are calling for a new crypto bull market as the banking system in the U.S. appears to be on the brink of collapse.
• Ethereum (ETH), the second largest cryptocurrency, has also seen solid gains but not as much as BTC.
Bitcoin Price Reaches Near $27,000
Bitcoin (BTC) has seen an impressive surge in price over the past week, pushing it close to its previous all-time high at $27,000. According to CoinGecko data, BTC is currently trading at $26,574, up 6.5% in 24 hours and 30% in the past week. The total cryptocurrency market capitalization stands at $1.17 trillion with Bitcoin’s dominance at 44%.
Talk of New Bull Market Emerging
Amidst growing panic about potential liquidity issues among U.S banks and a plunge in banking stocks prices, investors have started flocking to cryptocurrencies such as Bitcoin and Ethereum which have both seen impressive gains recently leading some to speculate that this could be a sign of a new bull market emerging for digital assets.
Ethereum Also Gaining Momentum
Ethereum (ETH), the second largest cryptocurrency by market capitalization has also experienced some solid growth although not quite as much as Bitcoin having increased 3.4% on the day and 19.7% over 7 days according to CoinGecko data while ETH/BTC is down 3%, its lowest since July 2022 due to staked ETH withdrawals set for April 12th 2021 leading some analysts to predict further downsides before finding a bottom point again.
Growing Optimism About Crypto Bull Market
Cryptocurrency enthusiasts appear increasingly optimistic about prospects of a new crypto bull market with many tweeting enthusiastically about what appears to be Bitcoin hitting its stride again after falling from its previous all-time high back in June 2020 following implosion of Terra-Luna ecosystem along with other bearish sentiment around digital assets at that time period .
Although it is too early to tell if we will see another extended period of sustained growth akin to 2017’s monumental bull run or whether current bullish sentiment is just another temporary pump driven by FOMO amongst retail investors; one thing remains certain – cryptocurrencies are still very much alive and kicking despite recent bearishness across global financial markets .