Bitcoin managed to grow for the first time in a long time

For the first time in two weeks, the flagship cryptocurrency has risen in price by more than 1%. Analysts attributed this to the downgrade of small and medium-sized US banks. As it became known, the Moody’s rating agency downgraded the credit ratings of 10 US banks.

Bitcoin rose by 1.8% over the past 24 hours, reaching $ 29,785. The upward movement in the cryptocurrency market began on Tuesday, after the information from Moody’s. Large financial institutions, including Bank of New York Mellon, US Bancorp, State Street, and Northern Trust, are also under the threat of downgrades.

The collapse of regional banks in the United States this year has already triggered a significant rally BTC $56,457.80 Bitcoin -2.47% Market capitalization $1.11 trillion VOL. 24 hours $4.48 billion - investors have rediscovered the benefits of blockchain as an alternative to the banking system. Volatility in BTC and ETH trading dropped sharply in May after the US banking crisis subsided, Kaiko analysts noted.

«Bitcoin is holding strong. Thecorrelation between the stock market and bitcoin is weakening as bitcoin has been a beneficiary of the banking turmoil ,» said Greg Magadini, director of derivatives at Amberdata.

This time, the rise in bitcoin’s exchange rate led to an increase in the value of other cryptocurrencies. Ethereum increased by 1.2%, Solana by 5%, Polygon by 3.2%, and XRP by 3.2%.

As a reminder, many cryptocurrency experts are positive about the prospects of the market leader for the next year. For example, analysts from Standard Chartered have adjusted their expectations and noted that after halving, BTC will reach the $ 120,000 price mark. A popular expert at PlanB predicts that the main digital coin will be trading at $ 100,000 in 2024.