Bitcoin’s worth is inching nearer to $28,000, charting a rise of round 1% over the previous 24 hours. This comes as a lot of the altcoins are buying and selling flat over the identical interval.

It’s additionally price noting that immediately’s market developments occur on the again of reports of Silicon Valley Financial institution getting acquired and resuming operations immediately.

Bitcoin Value Checks $28K

BTC is up 1% on the day and is getting nearer to the $28K mark. The cryptocurrency painted an intraday excessive of round $28,200 (on Binance) however has since retraced to the place it at present trades at $27,800.

This comes on the again of reports that Silicon Valley Financial institution (SVB) has a brand new proprietor within the face of First Residents Financial institution & Belief Firm- a monetary establishment primarily based in North Carolina.

In line with the press launch by the FDIC, the financial institution’s places of work will open doorways immediately.

Per the discharge:

Right this moment’s transaction included the acquisition of about $72 billion of Silicon Valley Bridge Financial institution, Nationwide Affiliation’s property at a reduction of $16.5 billion. Roughly $90 billion in securities and different property will stay within the receivership for disposition by the FDIC.

Altcoins Flat, BTC Dominance Raises

One factor that’s vital to notice, not only for the previous 24 hours however for the previous couple of weeks, usually, is that Bitcoin’s dominance is growing. That is the metric that tracks its share relative to that of the remainder of the market and is an indicator of how BTC performs in comparison with altcoins.

At the moment, BTC dominance stands at a excessive not seen since June 2022, indicating that it’s outperforming a lot of the various cryptocurrencies.

As seen within the heatmap above, a lot of the altcoins are both charting slight declines or are performing worst than BTC – with sure exceptions, after all.

That stated, the best-performing cryptocurrency from the highest 100 (by market cap) is NEO (+4.5%), adopted by Rocket Pool’s RPL (+4.5%) and Masks Community’s MASK (+4.3%).

On the opposite finish of the spectrum, there’s Loopring’s LRC (-4.6%), adopted by DASH (-3.8%). Typically, the previous 24 hours weren’t as unstable, which is probably considerably anticipated provided that it was a Sunday.