On Monday, as US officials sought to rein in a growing banking crisis, the major cryptocurrencies rallied, and the overall market capitalization of the cryptocurrency sector rallied its position to over the $1 trillion mark.

Bitcoin, the oldest and largest digital token, gained over 18% in 24 hours, to hit its highest valuation in over a week. As of 15:30 GMT, it was trading at $24,385 per token.

Other major cryptocurrencies such as Cardano, Solana, Litecoin, Avalanche, and Filecoin, were all up by more than 10%.

The spike in crypto prices followed on a joint statement by the US Federal Reserve and the Federal Deposit Insurance Corporation promising that all depositors of the recently failed banks would be made whole and able to recover their funds regardless of whether they had been insured or not.

Since the failure of one of the largest tech-lenders, Silicon Valley Bank last week, concerns over the health of the US banking sector have grown among investors. With over $200 billion in assets only a few months back, Silicon Valley Bank experienced a liquidity crisis after depositors withdrew a large number of deposits and the bank was forced to sell assets at a loss in an effort to raise capital.

Regulators swept in Friday due to concerns over the state of the bank, causing SVB’s shares to collapse, and the regulator to seize the bank, making it the largest financial institution to fail since the 2008 banking crisis.

Just prior to the failure of SVB, crypto-focused bank Silvergate revealed it was undergoing liquidation, and on Sunday, following its own bank run, another crypto-focused bank, Signature, was seized by regulators. Together it marked three major US banks which had failed, all in the space of less than a week.