Experts had doubted if the crypto market will recover soon after the recent pressures, but the crypto market has maintained resilience.
The world economies, along with the crypto market, are facing pressures at present due to the sudden collapse of the Silicon Valley Bank and the continued stress of inflation. The crypto market had faced downward trends at the end of the previous week, with Bitcoin slipping below $20000. It has since made a recovery from that level, rising to around $22500 on March 12 before dipping just below the $22000 mark.
Experts have credited the regulatory authorities of the United States, who have sprung into action, aiming to protect customers’ deposits at the Silicon Valley Bank. This may have led to some relief in sentiments and helped float hopes that the crypto market will recover shortly without any liquidity issues.
Along with Bitcoin, cryptos like Cardano, Litecoin, Shiba Inu, Solana and Dogecoin were also trading in green. ETH also managed to cross $1500 once again, helping the crypto market cross its market capitalization of $1 trillion once again with a 7.63% rise, out of which Bitcoin’s share was around $433 billion. BTC held almost 42% value of the entire crypto market.
BTC/USD YTD price chart
While the crypto market had sparked a steep recovery after its lows in 2022, it slowed down slightly in March. Experts and analysts have now indicated renewed optimism that the crypto market will recover soon. Bitcoin is currently trading at around $22100 on March 13, 2023, with BTC/USD down by 0.42% in the previous 24 hours. Almost all other cryptos witnessed positive movements in the previous 24 hours. BTC/USD is trading lower than its 20-day EMA (22,999.02).