BTC Takes Advantage of the March Madness in the Banking Sector

  • The report highlighted how the banking sector introduced fear in all of the investment markets.
  • In related news, BTC’s price printed a 2.62% 24-hour loss according to CoinMarketCap.

Santiment (@santimentfeed), the blockchain analytics firm, shared their latest recap report in a tweet this morning. The recap report focuses on the lackluster performance of the altcoin market after the crypto market leader Bitcoin (BTC) printed a 26% gain in the past 30 days.

According to the report, the crypto markets were inconsistent for the first dozen or so days in March with the Silicon Valley Bank and the general banking sector debacle – causing a scare in all investment markets. This, combined with the ongoing interest rate hikes and uncertain economic conditions created one of the roughest bear markets for crypto traders.

The crypto market is not out of the bearish cycle yet if the last 24 hours are any indication. At press time, CoinMarketCap shows that the global crypto market cap has fallen 2.43% in the last 24 hours. This has brought the combined crypto market cap down to around $1.16 trillion.

Daily chart for BTC/USDT (Source: TradingView)

All of the top 10 cryptos in terms of market cap experienced losses in the last 24 hours, including BTC. Currently, BTC’s price is down 2.62%. This 24-hour loss has also flipped the market leader’s weekly price performance into the red as well at -0.28%. As a result, BTC’s price is trading at $27,673.56 at press time.

The altcoin market has strengthened against BTC somewhat in the last 24 hours. BTC’s dominance in the market took a bit of a knock with its latest 24-hour price drop – giving the altcoin market a chance to catch up. Currently, BTC’s dominance is estimated to be 46.20%, which is a 0.17% decrease in the past day.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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