In March, the banking crisis both in the United States and in Europe strongly affected the price of the sector’s shares, however, crypto assets were seen as a place of refuge and rose strongly, consolidating the skyrocket at the beginning of the year.
As of March 10, several international banks, such as the Silicon Valley and Credit Suissepresented liquidity problems and had to be rescued by their countries. This strongly affected the stock markets but not crypto assets.
Cathie Wood, CEO of asset management firm ARK Invest, he stated during the time that cryptocurrencies acted as a refuge during the banking crisis in the United States. “This debacle would not have been possible in the decentralized, transparent, auditable and over-secured ecosystem of crypto assets”broad.
On March 30, the Bitcoin price peaked at $29,184. This day, on the other hand, the BTC fell back and returned to trading at US$27,511. This move was possibly due to profit taking by some buyers.
Regarding the month, the cryptocurrency with the highest market capitalization, in March it rose almost 20% and in the first quarter it reached an advance of 70%including 40% in just 10 days during the chaos at SVB and Credit Suisse.
This is how the cryptocurrencies with the highest market capitalization performed
1) Ripple +40.42%
2) Bitcoin +20.31%
3) Cardano +11.92%
4) Ethereum +10.07%
5) Binance +4.19%
Source: Ambito
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