Bitcoin, the leading cryptocurrency, has surged in value by 16% over the past seven days to surpass the $28,000 mark, according to recent reports. At the time of writing, Bitcoin was trading at $28,063, indicating a 2.4% increase in value over the past 24 hours.

This latest surge in value means that Bitcoin has gained more than 37% against the US dollar this week alone, with its market capitalization adding $194 billion in 2023, representing a 66% gain year-to-date.

These figures have made Bitcoin one of the top-performing assets in 2023, outperforming Wall Street bank stocks, especially with fears of a global banking crisis on the rise.

This recent boost in Bitcoin’s value comes amid ongoing uncertainty surrounding regional banks in the US. Last week, regulators shut down Silvergate, followed by the takeover of Signature Bank and Silicon Valley Bank, causing valuations of US banks to slide.

In Europe, Credit Suisse has been acquired by UBS Group for almost $2 billion as part of emergency plans led by Swiss authorities to preserve the country’s financial stability. This deal represents a significant discount under Credit Suisse’s market value on March 17 of nearly $8 billion.

Experts predict that an impending global banking crisis could take Bitcoin’s value to $1 million in less than 90 days. Former Coinbase chief technology officer Balaji Srinivasan claimed on Twitter that Bitcoin could be an ideal asset to hedge against this crisis.