Most of the top thirty cryptocurrencies by market
capitalization have appreciated in value over the last seven days, with Bitcoin
(BTC), Solana (SOL), and the Internet Computer Project (ICP) leading the
rally.
Bitcoin is around 7.5% pricier than it was this
time last weekend and trades for $29,295 as of this writing.
On Monday, the renowned cryptocurrency sgoes down to $27,500, but on Wednesday, it reclaimed $29,000 after another potential insolvency rocked
the traditional finance world; shares in First Republic Bank fell 50% on Tuesday, a day after its latest quarterly
report revealed a marked decline in deposits.
From Bitcoin’s whitepaper onwards, crypto has been
pitched to the world as an alternative to the banking system. So, when TradFi
institutions are in trouble, investors often flock to crypto—as happened last
month when news of Credit Suisse’s insolvency pumped Bitcoin’s price.
The market’s second Largest cryptocurrency, Ethereum,
struggled to add 2.7% to its value this week and currently trading for
$1,906.
The highest rallies among the dominating cryptocurrencies
came from Solana, which gain 11% and is now worth $23.35, and ICP blew up 16.6%
to change hands at $6.58. Holders of Cosmos Hub (ATOM) found their stashes
increased this Saturday as the token rallied 8.5% over the week to trade at
$11.68.