On Monday, the value of Bitcoin on the spot market surged above $49K, escaping the day’s early trading boundaries. With a 3.7% gain in the last day and a noteworthy 15.6% climb over the course of the week, the top digital currency by market cap quickly hit $50,000.
Bitcoin Breaks the $49K Barrier, and Bulls Try to Reach $50K in This Quick Market Rise
Since January 12, 2024, bitcoin (BTC) has increased by an astounding 16.7% throughout the last week and the month before. It broke beyond the $49K mark by 10:00 a.m. Eastern Time on Monday, February 12. It briefly reached $50,000 per unit on Bitstamp just forty-five minutes later, but it quickly reversed course when it ran into strong opposition.
The price of BTC shot up and wiped out an incredible $25.57 million in short positions in just 60 minutes. The market capitalization of bitcoin is currently close to $979 billion, or 52.9% of the whole cryptocurrency market. On Monday, USDT, FDUSD, USD, USDC, and KRW were the top BTC trading pairs.
With a premium price of $50,665 per unit on Bithumb compared to its global rate of $49,856, bitcoin’s current market value is trading even higher in South Korea, surpassing the $50,000 threshold. Similar high rates are mirrored on other South Korean platforms including Korbit and Upbit. Except for a brief surge above $49K on January 11, 2024, the current level of BTC’s valuation hasn’t been seen since December 2021—a period of more than 800 days
At $49,856, BTC is currently only 28.3% away from its all-time high of $69,K, which was reached on November 10, 2021. It still trails Meta’s $1.212 trillion valuation as the tenth most valuable asset in the world by market capitalization. When compared to the same period last year, when it was trading between $21,500 and $22,500, the current value of bitcoin is much higher.
What are your thoughts on Tuesday’s bitcoin market action? Please feel free to express your ideas and opinions in the space provided for comments below.
