Over the past week, Bitcoin (BTC) has had a consistent price increase, helping to lead a rebound in the cryptocurrency market that has seen Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) all climb by more than 10%.
Bitcoin, after rising back above a value of $43,000 early Thursday, March 24, is now changing hands at $43,014, up 2.21% in the last 24 hours and 5.31% across the previous seven days, according to CoinMarketCap data.
After breaking above the $40,000 barrier last week, bitcoin has since consolidated its gains and is currently trading at the top of the $34,000-$44,000 range that it has been trading within since the beginning of the year.
As per crypto trading expert CredibleCrypto, short sellers are now under pressure owing to the enormous infusion of money into Bitcoin, which is already 10% higher than only a few days ago.
“Sub 40k $BTC sellers are sweating right now as $125 million dollar chunks of fiat are being deployed into BTC 10% higher than where they sold,” he tweeted.
Global crypto market cap near $2 trillion
Given the recent upwards trajectory in the crypto market, the total market capitalization of all cryptocurrencies is $1.97 trillion, representing a 2.68% gain over the previous day. Meanwhile, the overall cryptocurrency market volume over the previous 24 hours has increased by 16.46% to $102.53 billion.
As mentioned earlier the broader market has climbed in tandem with Bitcoin as the top 20 digital currencies by market cap are all trading in the green.
Leading the crypto market gains out of the top 100 digital assets once again this week is ApeCoin (APE) which is up 18.79% in the last 24 hours trading at $14.20.
In particular, Cardano has experienced an incredible rise in the last week, it is presently trading at $1.14, up 16.83% on the day and over 33% in the last week.
Recently, Finbold reported Cardano is back trading above its 50-day Exponential Moving Average (EMA), trading at $1.01 at the time and that a bullish breakthrough could be in play.
Whatsmore, on March 24, Coinbase officially announced that it had expanded staking offerings to include the largest Proof-of-Stake (PoS) network.
Finally, another DeFi asset Ethereum is performing well back above $3,000 once more trading at $3,049 up 3.02% on the day, after a massive ETH outflow continues with $450 million leaving exchanges in just 24 hours on March 23.
It is possible that a large number of withdrawals of Ethereum may lead to a future price spike in the cryptocurrency.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.