Bitcoin Surges Past $75.000 as Market Cap Climbs Back Above $1.5 Trillion

Bitcoin has continued the strong recovery of the past few days, breaking through the $75.000 barrier. The price is around $75.827, a rise of more than 8.5% in 24 hours. In three days, roughly $200 billion has been added to Bitcoin’s market value, while traders who were counting on further falls are being squeezed out of their positions en masse.

Bitcoin up nearly 20% in one week

The reversal in the crypto market is happening quickly. Bitcoin is currently trading around $75.827 and reached a level of about $75.866 in the past 24 hours. Trading volume stands at more than $61 billion.

Over seven days, Bitcoin is now up approximately 19.3%. In the last 72 hours alone, the gain is around 18%.

That rally has pushed Bitcoin’s market capitalisation back above $1.5 trillion. With around 20 million BTC in circulation, total market value currently amounts to roughly $1.52 trillion. In just three days, about $200 billion has been added.

The move is all the more striking given that Bitcoin was trading near $64.000 only recently. Since then, the $66.000, $70.000 and eventually $75.000 levels followed in rapid succession.

Ethereum rises, shorts take a massive hit

Bitcoin is not alone. The rest of the crypto market is also benefiting strongly from the shift in sentiment. Ethereum has reached about $2.380, up roughly 25% over the past 72 hours.

For traders holding short positions, the sudden surge has been especially painful. According to the shared market data, around $4 billion in shorts have been liquidated over the last 72 hours.

This is being described as the biggest short squeeze the crypto market has seen so far. Short positions are forced to close when the market moves too far against the position. That can then trigger additional buying pressure, as positions have to be bought back automatically.

Bitcoin therefore has several factors working in its favour in a short space of time. The price is rising, market value is again above $1.5 trillion, and billions in bearish positions are vanishing from the market. After months focused on lower prices, the picture looks entirely different within just a few days.