Bitcoin has had four months of growth despite banking crisis
Bitcoin has had another positive month, making April the fourth consecutive month of gains, according to data from Coinglass.
Bitcoin’s performance for the four months comes amidst a banking crisis and reveals that the closure of Silvergate and Silicon Valley didn’t affect bitcoin.
Bitcoin’s current bull market compares to a recovery in 2019
According to data from Coinglass, as of April 28, bitcoin had another successful month, marking its fourth straight positive month. The last time this happened was in 2019 when the economy recovered from the worst bear market and produced five straight months of growth from February to June.
Since the beginning of the trading year, bitcoin has maintained a 3-month bullish candle and is now at its fourth streak.
Retail and institutional cryptocurrency investors were interested in bitcoin because of its swift price swings, which pushed it to surpass $30,000 for the first time since June 2022.
By making bullish price predictions for BTC, cryptocurrency specialists, celebrities, and even some conventional financial analysts have recently completed the cryptocurrency the focus of the serious conversation.
In a report from Reuters, Jeff Kendrick, the head of Standard Chartered’s digital asset research, predicted that the price of Bitcoin would reach $100,000 by 2024.
Additionally, Robert Kiyosaki, the well-known author of the bestseller Rich Dad, Poor Dad, recently predicted a price of $100,000 for bitcoin.
Silvergate and Signature Bank’s closure didn’t stop bitcoin’s growth
According to CNBC, amidst a global banking crisis, investors rediscovered the appeal of bitcoin as an alternative banking system, and it rose throughout March after a flat February.
Bitcoin prices surged even after the closure of Silvergate and Signature Bank, two of the most crypto-friendly institutions.
However, they took on- and off-ramps between fiat money and cryptocurrencies with them, and this will likely impact liquidity in cryptocurrencies until new players fill the void.