Bitcoin’s rally accelerates as it approaches the remarkable $90,000 mark, making this its most impressive weekly performance since the 2023 U.S. banking crisis.
Bitcoin’s price skyrocketed past its previous $85,000 peak on Nov. 11, pausing only briefly before continuing to climb. As of 8:14 am UTC, Bitcoin (BTCUSD) is valued at $88,879, marking a 29% gain over the past week, according to Cointelegraph data.
This nearly 30% weekly surge is Bitcoin’s strongest seven-day run since the March 2023 U.S. banking crisis, which sparked a powerful wave of investment. Vetle Lunde, Head of Research at K33 Research, highlighted this rally in a Nov. 12 post on X:
“Bitcoin has delivered its highest 7-day return since the banking crisis of March 18, 2023. Its market cap surged by an astounding $413 billion this week!”
The March 2023 crisis, marked by Silicon Valley Bank’s collapse and the abrupt closures of Silvergate and Signature Banks, drove investors to seek alternatives. Arthur Hayes, BitMEX co-founder and former CEO, credits this shift as the spark for Bitcoin’s enduring bull run last year.
