Bitcoin dominance, the ratio of Bitcoin’s market cap to the overall crypto market, surged in March amid the recent banking crisis that saw three central US banks collapse in one week. The move coincides with a surge in the price of Bitcoin, which has also hit a nine-month high.
Bitcoin jumped above $28,000, its highest level in nine months, on Monday amid a rally that saw the flagship cryptocurrency gain more than 15% over the past week.
The surge comes after the current chaos roiling the global banking system. Specifically, the collapse of three major US banks in a matter of one week and an intervention by US regulators to avert a banking crisis — all of which once again put Bitcoin in the spotlight as an alternative banking system.
This post appeared first at 24/7 Wall St.