Bitcoin’s price has once again surged to the $26,000 level on March 17, hovering just below its yearly all-time high. This positive development comes after the crypto market faced a recent decline due to the insolvency of two major banks involved in bitcoin business.
Currently trading at $26,089, Bitcoin is up by 5.7% within 24 hours. The increasing value of Bitcoin indicates that investors are preferring the cryptocurrency over banks amid the recent failures of financial institutions.
In addition, Bitcoin’s market capitalization has also risen by more than 5%. Meanwhile, Bitcoin’s dominance in the cryptocurrency market has hit its highest level since June 2022. Other cryptocurrencies have declined in value as a result of the recent bankruptcies of banks.
The recent surge in Bitcoin’s value could be attributed to the growing interest of institutional investors in the cryptocurrency market. In recent months, there has been a significant increase in institutional investment, indicating a positive trend for the overall market.
