The Bitcoin market has seen a stronger week, rallying past $47,000, at $47,479.84 at the time of writing this article. This is a 25.6 percent increase from the market price of two weeks ago which was at $37,802.62.
In the past week, Bitcoin’s price has risen by 12.63 percent after a fall over the previous months. Over 24hrs BTC rose above $48,000 for the first time since early January, building on a price rally that has seen it rise more than $10,000 over the last two weeks.
The entire cryptocurrency market has been in the green for the previous few days, with Ether prices up 2.71 percent in the last 24 hours to $3,408.88, and Solana climbing to $123.96 at the time of writing this piece.
Several causes are driving the upward market movement, according to crypto specialists, including Goldman Sachs becoming the first major US bank to trade bitcoin over the counter and the Terra network (LUNA) accumulating bitcoin for a $10 billion reserve for its TUSD stablecoin.
The favorable swings have been linked by analysts to a number of bullish patterns that have been emerging throughout March, including a shrinking supply of bitcoin on crypto exchanges.
There have also been rumors that other governments are considering adopting bitcoin as a legal tender, similar to El Salvador.