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.
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