Notably, the remarkable rally came just hours after the U.S. Securities and Exchange Commission (SEC) unexpectedly dropped all charges against Ripple executives Brad Garlinghouse and Chris Larsen on Thursday. This unexpected turn of events injected an air of optimism into the cryptocurrency market with several other major cryptocurrencies also displaying impressive strength on Friday. Cryptocurrency is surging The banking crisis in the US and elsewhere has already led to a swift rush to Bitcoin from concerned investors. What started with the failure of Silicon Valley Bank on March 10, 2023, was followed by the collapse of Signature Bank two days later, leading to panic as investors and banking industry clients worried about what would come next. UBS' (NYSE:UBS) acquisition of its failing Switzerland-based rival Credit Suisse stoked concerns further.
Surge cryptocurrency
Turning to Wall Street, RIOT stock leads the way in upside potential. This Strong Buy-rated stock comes with a 51.61% upside potential on its average price target of $16.51 per share. Meanwhile, Hold-rated COIN stock is the laggard here, with its $87.53 average price target offering a 9.21% downside risk. Here are the results for the search: "}" Notably, the surge in LINK can be largely attributed to the increasing adoption of the network’s Cross Chain Interoperability Protocol (CCIP). This protocol facilitates the development of secure cross-chain applications, enabling seamless asset transfers across diverse blockchain networks.
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This surge in value has also positively affected cryptocurrency stocks like Marathon Digital Holdings (NASDAQ: NASDAQ:MARA) and Riot Platforms (NASDAQ: RIOT), both involved in large-scale Bitcoin mining within the blockchain ecosystem. Over the last year, these companies experienced significant declines during the "crypto winter" of 2022. However, RIOT showed better returns over nine months with a growth rate of 163.2%, compared to MARA's 128.24% growth rate. Execute Bitcoin Buy or Sell Advice Access Stocks Screeners on the App
Surge crypto
“Markets want to see signs of slowing growth, but not a collapse, in the data, and a less hawkish tone from Bullard,” said Tom Essaye, founder of Sevens Report Research. After Bitcoin Tops $35K, Uniswap and Aave Lead DeFi Token Surge For users of the Ethereum network, a surge in network activity can lead to slower transaction times and higher fees, as the network becomes congested with increased activity. This can make it more expensive to execute smart contracts or make transactions on the Ethereum network.
