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Solana Up 8% Daily, Bitcoin Hits New 9-Month High: Market Watch
Recent developments in the European banking sector have pushed Bitcoin north again, with the asset rising above $28,500 for the first time since June 2022. Some altcoins have also recorded notable gains, with Solana leading the race. Bitcoin's New Local Peak Bitcoin ended one of its best weeks in some time after rising from $20,000 to around $28,000 in the last seven days. This came amid growing banking problems in the US, which later spread to Europe. One of the largest banks on the Old Continent – Credit Suisse – announced that it has been acquired by the largest…
Solana Up 8% Daily, Bitcoin Hits New 9-Month High: Market Watch
Recent developments in the European banking sector have pushed Bitcoin north again, with the asset rising above $28,500 for the first time since June 2022.
Some altcoins have also recorded notable gains, with Solana leading the race.
Bitcoin's new local peak
Bitcoin ended one of its best weeks in some time after rising from $20,000 to around $28,000 in the last seven days. This came amid growing banking problems in the US, which later spread to Europe.
One of the Old Continent's largest banks - Credit Suisse - announced that it has been acquired by Switzerland's largest bank - UBS - in a deal worth $3.25 billion (60% less than the former's value last week). Both parties claimed that the aim of the deal was to “ensure financial stability and protect the Swiss economy.”
Bitcoin reacted positively to the news, rising above $28,000 for the first time in nine months. It hit a new local high of $28,500 before declining by $500 and has since bounced back.
Its market cap has risen to well over $530 billion, while its dominance over alts has further increased to 46%.
BTCUSD. TradingView
SOL rises 8%
As the BTC dominance chart shows, most alternative coins have been outperformed by Bitcoin recently. The last 24 hours is another example, although most alts are still in the green.
Solana is among the few exceptions with a massive daily increase. SOL is up 8%, which helped reclaim $23. Other notable winners among large-cap alternatives include CRO, VET and STX.
In contrast, Ethereum, Binance Coin, Cardano, Polkadot, Tron and Avalanche have made insignificant gains. MATIK, RippleDogecoin, Shiba Inu and Litecoin, on the other hand, are experiencing slight losses.
The total crypto market cap has increased by almost $20 billion in a day and is back at $1.180 trillion.
Overview of the cryptocurrency market. Quantify crypto