Bitcoin’s Strong 30% Weekly Surge Amid Market Chaos

Bitcoin surges 30% in past week, trading at $26,600, boosting total crypto market cap to over $1.1 trillion.

Man sitting cross legged looking up, with a giant Bitcoin behind him surrounded by a rainbow coloured background.
  • Bitcoin has surged impressively in the past seven days, bringing it back to levels last seen in June 2022.
  • Concerns over liquidity due to the banking crashes have prompted investors to diversify their portfolios and seek risk reduction.
  • The total value locked on Bitcoin has increased, indicating that investors are willing to place their trust in the cryptocurrency.

This week has been one for the history books, and not just in the cryptocurrency world, as all three US-facing crypto banks were liquidated in the span of three days. While some have speculated that it was a targeted attack, Bitcoin has emerged unscathed and has even surged in value. 

In fact, since last Friday’s close, Bitcoin has seen a remarkable 30% increase, reaching a current trading price of $26,600.

This surge, along with gains made by other cryptocurrencies, has led to the total cryptocurrency market cap surpassing the $1.1 trillion mark. Such impressive growth is instilling renewed confidence in investors and is indicating a positive outlook for the crypto market. 

Investors Turn to Bitcoin as Traditional Banks Struggle 

This rise in price has been a reflection of Bitcoin’s ability to perform well in uncertain market conditions, with some analysts remaining cautious of the traditional markets, especially as liquidity concerns have surfaced in the wake of the recent collapse of SVB and Silvergate banks


In response to this, investors have increasingly been diversifying their portfolios and looking to cryptocurrencies as a means of reducing risks and addressing the inadequacies of the current traditional financial system.

This lines up with recent data indicating that Bitcoin’s total value locked has increased significantly, surging to $142.31 million. This marks a remarkable rise from the $84 million recorded at the beginning of the year, and represents the highest value locked since May 5th, 2022. 


The surge in the total value locked on the Lighting Network acts as an indicator that investors have trust in the cryptocurrency and are optimistic about its growth potential.

Lighting Network TVL and Stats.

Lighting Network TVL and Stats. Source: DeFiLlama

On-Chain Metrics Screaming Bull Market

Glassnode’sRecovering from a Bitcoin Bear” dashboard shows positive signs for Bitcoin’s recovery. The dashboard monitors eight key indicators to determine if Bitcoin is transitioning from a bear market into a period of recovery or a new bull market.

Recovering from a Bitcoin Bear.

Recovering from a Bitcoin Bear. Source: Glassnode

The dashboard monitors several important factors, such as Bitcoin’s price relative to key pricing models, network utilization momentum, market profitability, and the balance of USD-denominated Bitcoin wealth held by long-term HODLers. 

When all eight indicators are positive, the chart turns dark blue, which is a historically strong bullish sign for Bitcoin. Currently, seven of the eight indicators are positive, and the chart is shaded light blue. 

While this alone does not always indicate a bull market, when coupled with other on-chain metrics, it can be a good indicator, and investors have been eyeing other colorful charts as well.

Bitcoin Stock-to-Flow pricing model.

Bitcoin Stock-to-Flow pricing model. Source: LookIntoBitcoin

The Bitcoin Stock-to-Flow pricing model indicates that the market cycle of Bitcoin lasts approximately four years. This model uses the amount of BTC available in the market and the yearly mining rate to estimate Bitcoin’s fair price. The current fair price suggested by the model is around $55,000, more than double the current trading price of Bitcoin.

Bitcoin Rainbow Chart V2. Source.

Bitcoin Rainbow Chart V2. Source: Blockchaincenter

Additionally,’s popular Bitcoin Rainbow Chart shows that Bitcoin is currently in the “BUY!” zone, having recently recovered from the “Basically a Fire Sale” zone in late 2022.

On the Flipside

  • Bitcoin’s recent surge in price may prove to be short-lived, as concerns over the global economy and potential for interest rate reductions persist. A flurry of negative cryptocurrency news could trigger a sell-off and send the price of Bitcoin and other cryptocurrencies tumbling.
  • While the total value locked in Bitcoin has increased, the leading digital asset is still in the recovery phase, and has not yet reached its previous high of $216.35 million.
  • Glassnode’s “Recovering from a Bitcoin Bear” dashboard has been reliable in the past, however, even when seven out of the eight indicators are bullish, a positive outcome has not always followed, highlighting the market’s volatile nature.

Why You Should Care

After a long period of downward action, it’s refreshing to see cryptocurrencies regaining upward momentum. This recent surge, coupled with positive on-chain metrics, is a promising sign amidst the struggles in traditional finance. Given that cryptocurrencies were created to address the limitations of the current financial system, recent events are widely being interpreted as a bullish sign for the future of the industry.

Looking for more news on Bitcoin? Check out this article on its recent surge:
Bitcoin Soars $7K over 4 Days to Break $26K as Cramer Declares “Time to Sell”

In recent news, Ripple has been making waves with the release of its South Korean policy guidelines. Learn more here:
Ripple Talks South Korean Policy Guidelines in Press Release

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.