Bitcoin Surges 30% in a Week Amid Market Chaos

• Bitcoin has seen a remarkable 30% increase in the past seven days, reaching a current trading price of $26,600.
• 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.
• Glassnode’s „Recovering from a Bitcoin Bear“ dashboard shows positive signs for Bitcoin’s recovery.

Bitcoin Surges 30% Amid Market Chaos

Bitcoin has experienced an impressive surge in the last week, bringing it back to levels not seen since June 2022, with its total value locked on the Lightning Network reaching $142.31 million. This surge is indicative of investors turning to Bitcoin as a way to reduce risk and diversify their portfolios amidst concerns over liquidity due to banking collapses.

Investment in Bitcoin Grows

The increase in trust towards Bitcoin is reflected by data showing that its total value locked has increased significantly since the start of this year, rising to its highest level since May 5th, 2022. This diversification into cryptocurrency assets is leading to renewed confidence within investors and contributing towards pushing up the overall crypto market cap above $1 trillion for the first time ever.

Traditional Banks Struggle

The banking sector has been particularly hit hard this week with all three US-facing crypto banks being liquidated in just three days – some have speculated that this was a targeted attack but regardless, it appears that Bitcoin emerged unscathed and continued to grow in value despite these events taking place around it.

On-Chain Metrics Point Toward Bull Market

Glassnode’s “Recovering from a Bitcoin Bear” dashboard is showing positive signs for Bitcoin’s recovery by monitoring eight key indicators which suggest that we may be transitioning out of a bear market into something more optimistic.


Overall, these developments are pointing towards an optimistic outlook for cryptocurrencies like Bitcoin going forward. With investors continuing to turn towards it as both a safe haven asset and one which can offer an impressive return on investment during times of market chaos, it looks likely that we will continue seeing strong performance from Bitcoin in coming weeks and months ahead.