Bitcoin Tops $28k Amidst Banking Crisis

Bitcoin rallied more than 2 percent overnight to rise above the $28 level amidst a banking crisis that continues worrisome and lent the digital asset a safe haven appeal. Overall crypto market capitalization rose 0.63 percent overnight to touch $1.17 trillion.

Bitcoin has increased 2.3 percent overnight, 18.7 percent in the past week and 68 percent in 2023 and is currently trading at $28,011.19. BTC touched a high of $28,527.72 earlier in the trade.

Ethereum has however dropped 1.3 percent overnight to trade at $1,769.39. It is however holding on to gains of 7.2 percent in the past week and 47 percent in 2023. ETH touched a 24-hour high of $1,843.84.

The brilliant rally over the past few days has helped Bitcoin rise to a market dominance of 46.2 percent. Ethereum meanwhile commands a crypto market share of 18.5 percent. Stablecoins have fallen to 11.4 percent of the crypto market whereas the residual altcoins too dropped to 23.9 percent of the overall crypto market.

47th ranked Conflux (CFX) gained 13 percent overnight and tops the gainers list.

8th Polygon (MATIC) dropped 4.7 percent overnight to top the laggards list among the top 100 cryptocurrencies.

Solana (SOL) has reclaimed the 10th rank overall with a 6-percent overnight rally.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed an outflow of $95 million for the week ended March 17. Bitcoin products recorded outflows of $112.8 million whereas short bitcoin products registered inflows of $34.7 million.

The country-wise analysis shows outflows of $24.3 million in Germany, $12.8 million in Canada and $11.6 million in Sweden. Cumulative AUM stood at $33.06 billion.

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