Cryptocurrencies have risen broadly since Tuesday in a standoff with the stock market after ratings agency Moody's put the U.S. banking sector under surveillance.
And at Bitcoin the "buy-to-sell ratio" has recently risen on many cryptocurrency exchanges, signaling a renewed upside.
According to data tracked by South Korean blockchain analytics firm CryptoQuant. Values suggest buyers have more buying volume than selling volume, a sign of bullish trading in the market. ByBit is the world's third-largest future cryptocurrency exchange by open interest and trading volume.
Bitcoin rose from a two-week trading lull as Moody's downgrade weighed on the U.S. banking sector.
The moves began early Tuesday morning after Moody's downgraded the credit rating of 10 U.S. banks, putting some big names - including New York Mellon Bank, U.S. Corp Bank, State Street and Northern Trust - under surveillance for the downgrade.
Earlier in the year, the interbank crisis sparked a major rally in Bitcoin as investors rediscovered the network's appeal as an alternative banking system.
Bitcoin has proven to be a beneficiary of the banking turmoil.
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