Bitcoin capitalizes on turbulence in the banking sector
Blockchain analytics firm Santiment (@santimentfeed) shared their latest report in a tweet today, which highlights the underperformance of altcoins after Bitcoin (BTC) recorded a 26% gain in the past 30 days. The report explains that the crypto markets were inconsistent in the first few days of March due to the Silicon Valley Bank and general banking sector crisis, which caused panic in all investment markets.
This combined with the ongoing interest rate hikes and uncertain economic conditions led to one of the toughest bear markets for crypto traders. The global crypto market cap has fallen 2.43% in the last 24 hours, bringing the combined crypto market cap down to about $1.16 trillion.
All of the top 10 cryptos in terms of market cap experienced losses in the last 24 hours, including BTC, which is currently down 2.62%. The altcoin market has strengthened against BTC slightly in the last 24 hours, with BTC’s dominance in the market estimated to be 46.20%, a 0.17% decrease in the past day.