Bitcoin (BTC) has maintained a continuous price gain over the last week, assisting in a resurgence in the cryptocurrency market that has seen Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) all soar by more than 10%.
Bitcoin, which briefly surpassed $43,000 on Thursday, March 24, is currently trading at $43,014, up 2.21 percent in the past 24 hours and 5.31 percent over the last seven days, according to CoinMarketCap statistics.
After breaking above the $40,000 barrier last week, bitcoin has since maintained its gains and is now trading towards the top of the $34,000-$44,000 band it has been trading in since the start of the year.
According to cryptocurrency trading expert CredibleCrypto, short sellers are currently under pressure as a result of the massive inflow of capital into Bitcoin, which is now 10% higher than it was only a few days ago.
“Sub 40k $BTC sellers are suffering right now as $125 million in fiat is being deployed into BTC at a 10% premium to the price at which they sold,” he tweeted.
Given the market’s recent upward trend, the overall market value of all cryptocurrencies stands at $1.97 trillion, a rise of 2.68 percent over the previous day. Meanwhile, the total cryptocurrency market capitalization climbed by 16.46 percent to $102.53 billion in the past 24 hours.
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