The failures of Silvergate and Silicon Valley Bank sent shockwaves through the financial world. However, while the traditional financial world is still bracing for the long-term impact, the crypto market appears to have already overcome the crisis. After a two-day drop, the prices of Bitcoin, Ethereum, and other cryptocurrencies are rapidly rising again. But which three cryptocurrencies are likely to benefit in the coming weeks? Let’s take a look at Cryptocurrencies after bank crash in more detail.
Cryptocurrencies after bank crash
Cryptocurrency prices have dropped significantly in recent days. The possible bankruptcy of Silvergate Bank was revealed more than a week ago, causing a strong, short-term crash. As a result, prices temporarily stabilized. It only got worse at the end of last week.
Bitcoin dropped below the $20,000 mark following confirmation of Silvergate Bank’s liquidation and the failure of the larger Silicon Valley Bank. However, prices rose again after only two days. During the night, the Bitcoin price even rose above $22,000.
Which Cryptocurrencies after the bank crash can rise the most in the next few weeks?
Prices appear to be rising again after the crash. There is now an opportunity to purchase coins at a low cost. We’d like to highlight three cryptocurrencies that could skyrocket in the coming weeks:
Ethereum appears to be gaining traction in recent weeks. Of course, the Ether token has also suffered losses in the last two to three weeks. Ethereum, on the other hand, outperformed Bitcoin and other altcoins.
The upcoming Shanghai update will complete an important piece of the puzzle for Ethereum 2.0 and increase scalability. As a result, Ethereum may be one of the cryptocurrencies that see significant gains in the coming weeks.
Ethereum’s potential growth: Ethereum is the second-largest cryptocurrency by market capitalization, and it is widely regarded as the leading platform for decentralized applications (dApps) and smart contracts.
Its blockchain technology has enabled the development of a vast array of innovative applications, from decentralized finance (DeFi) to non-fungible tokens (NFTs). The growing adoption of Ethereum-based dApps and the launch of Ethereum 2.0, a major upgrade to the network, could drive significant growth in the coming years.
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Unlike Ethereum, Litecoin (LTC) has struggled in recent weeks. Litecoin was the hardest hit by the crash, losing most of the major cryptocurrencies.
This was almost certainly because Litecoin has outperformed other cryptocurrencies in recent months. However, this also provides an opportunity to purchase Litecoin at a favorable price.
Litecoin’s benefits: Litecoin is a fork of Bitcoin with faster transaction times and lower fees. It has a strong following among crypto enthusiasts and has been integrated into various payment systems, making it an attractive option for merchants.
Additionally, Litecoin has a higher supply limit than Bitcoin, making it more accessible to investors who may not have the funds to invest in a full Bitcoin.
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Crises force states to consider extra-stringent measures. This outreach may expand in the coming months. In these times of crisis, an anonymous currency like Monero may become more popular.
Monero is widely regarded as the first completely anonymous cryptocurrency. Although Bitcoin can also be used anonymously, investors should consider Monero’s XMR token. The token may become very popular in the coming weeks, causing prices to rise.
Monero’s privacy features: Monero is a privacy-focused cryptocurrency that prioritizes anonymity and untraceability. It uses advanced cryptographic techniques to obscure the origin and destination of transactions, making it difficult for third parties to track or identify users.
This feature has made Monero popular among those who prioritize privacy and security.
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While the cryptocurrency market experienced a dip during the bank crash, it has historically rebounded strongly after the economic crises. As more investors seek out alternative assets to protect their wealth, cryptocurrencies like Ethereum, Litecoin, and Monero could experience significant growth.
While cryptocurrencies can offer significant upside potential, they also come with inherent risks. The cryptocurrency market is highly volatile, and investors should be prepared for significant fluctuations in value. Additionally, the regulatory landscape for cryptocurrencies is still evolving, and investors should be aware of the potential legal and regulatory risks associated with investing in these assets.