The price of the largest cryptocurrency by market cap, Bitcoin (BTC), soared past $28,000 within the past 24 hours according to data from CoinMarketCap, thereby establishing a 16% value addition in the last seven days.
At the time of writing, Bitcoin is exchanging hands at $27,949. It should be noted that BTC has recorded 37% gains against the U.S. dollar in the last one week.
Currently, Bitcoin’s market capitalization has added $194 billion in 2023, which underscores a 66% gain year-to-date.
The digital asset has not only outperformed Wall Street banks stocks due to emerging financial crisis rocking banks, but it is up about 65% in 2-23 compared to S&P’s 2.5% gain and Nasdaq’s 15% decline in 2023 respectively.
It is believed that the recent performance of Bitcoin and other altcoins is not unconnected to the indiscriminate collapse of Silicon Valley Bank (SVB), Silvergate crypto bank, and Signature bank.
Similar incident occurred in Europe, in which Credit Suisse was acquired by UBS Group for approximately $2 billion following emergency plans by the Swiss authorities to preserve the country’s financial status.
Coinbase’s former CTO Predicts Bitcoin Price
In light of the outstanding performance of Bitcoin in recent times, former Coinbase Chief Technology Officer (CTO), Balaji Srinivasan, predicted that a global banking crisis could push Bitcoin’s price to $1 million within 90 days.
Balaji further placed a $2 million bet on Twitter, stating that the U.S. banking crisis will likely trigger a hyperinflation circumstance leading to the seven-digit Bitcoin price. Meanwhile, James Medlock contended with a $1 million bet that the U.S. will not enter hyperinflation.
However, Balaji maintained that the bankers lied to the dollar holders and depositors just as they did in 2008. He asserted that there is not enough in the archive.
While nothing is impossible in the crypto market, the possibility of BTC prices surging from $28,000 to $1 million within 90 days is a fortune to build. Investors are hereby urged to take risks with caution and do personal research.
