Apex crypto Bitcoin hit the year’s high of $28,503 on Monday after smashing through the $28,000 mark on Sunday.
As of Press time, Bitcoin has recoiled back to $28,375. Bitcoin is up 4% in the day, and as much as 28.4% over the last week.
The latest rally also means that the price of Bitcoin surged about 70% since the start of the year.
In contrast with Bitcoin’s impressive performance, major bank stocks have continued to plummet following the collapse of Silicon Valley Bank and Signature Bank earlier this month.
There was additional pressure on the global banking sector following Sunday’s announcement that Swiss banking giant UBS agreed to buy its crisis-hit rival Credit Suisse in an emergency deal worth over $3 billion.
But amid the banking chaos, Bitcoin has soared while Ethereum, the second-largest cryptocurrency, has dropped some over the day, but still soared 13% on the week, changing hands just below $1,800 by press time.