The latest developments in the European banking sector pushed Bitcoin north once again, with the asset breaking above $28,500 for the first time since June 2022.
Some altcoins have also posted notable gains, with Solana leading the race.
Bitcoin’s new local spike
Bitcoin finished one of its best weeks in a long time after it surged from $20,000 to around $28,000 in the last seven days. This came amid growing banking problems in the US, which later spilled over into Europe.
One of the largest banks in the Old Continent, Credit Suisse, announced that it was acquired by the largest bank in Switzerland, UBS, in a deal for $3.25 billion (60% less than what the former was worth last week ). Both parties stated that the aim of the agreement was “to ensure financial stability and protect the Swiss economy”.
Bitcoin reacted positively to the news, topping $28,000 for the first time in nine months. It made a new local high of $28,500 before pulling back $500 and has since bounced once more.
Its market capitalization has risen well past $530 billion, while its dominance over alternatives has skyrocketed further to 46%.
SOL shoots up 8%
As the BTC dominance chart demonstrates, most altcoins have recently been outperformed by bitcoin. The last 24 hours is another example, although most alternatives are still in the green.
Solana is among the few exceptions with a massive daily increase. SOL is up 8%, helping it to recover $23. The other notable gainers of the larger-cap alternatives include CRO, VET, and STX.
By contrast, Ethereum, Binance Coin, Cardano, Polkadot, Tron, and Avalanche have posted negligible gains. MATIC, Ripple, Dogecoin, Shiba Inu and Litecoin, on the other hand, have minor losses.
Total crypto market capitalization has added almost $20 billion in one day and is back at $1.180 trillion.
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