Is a new bull market starting? This is suggested by the three reasons for the rise in crypto prices today

Financial markets have been in turmoil recently due to fears of a potential banking contagion after the closure of Silvergate Bank's SEN payment network in November and the implosion of Silicon Valley Bank, the 16th largest bank in America. This has resulted in concerns about the spread of a banking contagion, causing US bank stocks to plummet, with some stocks down by as much as -35%. Despite this, crypto prices have been soaring, with Bitcoin (BTC) bouncing back above $20,000, attributed to three main reasons. Firstly, Circle's announcement that it has escaped the worst of Silicon Valley Bank has been a huge boost of reassurance to volatile crypto markets. Secondly, Bitcoin's On-Chain sentiment suggests that the worst of the sell-off is over. Lastly, the adoption of the Bitcoin SHA-256 network has made it more secure than ever before, with the highest ever quantity of computing power directed towards it, which is bullish for network adoption and security. As a result, investors are now looking for the best altcoins with the most lucrative returns for the 2023 crypto market.