- The top trending coins are USDC, SHIB, and ETH.
- Ethereum (ETH) price soared about 4.5% in a day.
Since heightened volatility during pre-market hours on Monday, significant bank stocks have been suspended in the wake of Silicon Valley Bank’s demise. That led equities to witness a crucial selloff. Also, the shares of First Republic Bank dropped by more than 60% due to a cascading effect from the second-largest bank in the U.S.
As a result of the stress over the US banking industry, the global cryptocurrency market is again moving in a “Bull Market” direction. At the time of writing, the global crypto market cap surged over 5.30% in the last 24 hours.
Let’s take a glance at the top trending cryptocurrencies of the day, as per CoinMarketCap.
USD Coin (USDC)
Crypto’s second-largest stablecoin USDC buzzed social media by rebounding its 1 dollar peg after being depegged from its standard $1 to as low as $0.87 on 11th March. This price change might have been a result of the Circle, which is behind the stablecoin announcing that it would cover any of its USDC reserves. At the time of writing, USDC traded at $0.9992, which increased around 0.64% in a day. But its market cap of $39 billion is down by 3%.
Shiba Inu (SHIB)
Shiba Inu’s developer Shytoshi Kusama debuted its much-awaited layer-2 blockchain “Shibarium” on Sunday, which seems the right time. Following that, the memecoin trading popularity has skyrocketed. At the time of writing, Shiba Inu traded at $0.0000112 with a trading volume of $376 million, an increase of about 27%. SHIB price soared over 3% in a day.
Ethereum is in 3rd place in the trending cryptocurrency of the day list. The first altcoin regained its $1.7K price range after getting dive into the $1.3K price level on Friday. At the time of writing, ETH traded at $1,675 and holds a market cap of over $205 billion. Ethereum 24-hour trading volume climbed to 414 billion, up by 13%. Also, the ETH price surged 7% in a week and 8.6% in a month.
Further, the largest cryptocurrency Bitcoin (BTC) price surged over 9% in the last 24 hours and traded at $24,511, after dipping to the $19K range last week.
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