Bitcoin's Rally Continues Amid Banking Crisis and Altcoin Surge.

Bitcoin's recent surge to a six-month high of $28,000, reflecting about $106 billion in added market value, is due to a loss of faith in the US banking system, according to JPMorgan. The surge is also due to the launch of bitcoin ordinals, which allow for non-fungible tokens to be minted on bitcoin's blockchain, and the upcoming "halving" next spring, which makes marginal bitcoin mining costs twice as expensive. Bitcoin rallied as much as 30% in the six months following its prior halving events in 2016 and 2020.