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Bitcoin, ICP and Solana Lead Small Market-Wide Rally

The cryptocurrency market has experienced a significant rally in the last seven days, with Bitcoin, SOL, and ICP leading the rally.

This upward trend is not unique, as the cryptocurrency market has experienced similar rallies in the past.

Bitcoin Market

Bitcoin is around 7.5% pricier than it was this time last weekend and trades for $29,295 as of this writing.

On Monday, the world’s favorite cryptocurrency slipped down to $27,500, but on Wednesday,

it reclaimed $29,000 after another potential insolvency rocked the traditional finance world;

shares in First Republic Bank fell 50% on Tuesday, a day after its latest quarterly report revealed a marked decline in deposits.

From Bitcoin’s whitepaper onwards, crypto has been pitched to the world as an alternative to the banking system.

So, when TradFi institutions are in trouble, investors often flock to crypto—as happened last month when news of Credit Suisse’s insolvency pumped Bitcoin’s price.

Regulation

The market’s second biggest cryptocurrency, Ethereum, only managed to add 2.7% to its value this week and currently trades for $1,906.

The biggest rallies among leading cryptocurrencies came from Solana, which grew 11% and is now worth $23.35, and ICP blew up 16.6% to change hands at $6.58.

Holders of Cosmos Hub (ATOM) found their stashes increased this Saturday as the token rallied 8.5% over the week to trade at $11.68.

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