Bitcoin (BTC), the leading cryptocurrency by market capitalization, has witnessed a significant price surge, breaking through the $44,000 barrier. This recent climb has not only marked a substantial increase in its value but also elevated its market capitalization above major entities like Meta and Berkshire Hathaway.
On Tuesday, the price of bitcoin soared, reaching a high of $44,011 per unit at 12:15 p.m. Eastern Time. Over the last month, BTC has experienced a remarkable surge, with an increase of more than 24% and a 17% rise in just the past two weeks. This week alone, bitcoin escalated by 14% against the U.S. dollar.
BTC’s trading volume has also seen a notable upsurge, reaching $31.68 billion, double the previous day’s volume. The day’s trading ranged between $41,453 and slightly over $44,000. This valuation level for BTC hasn’t been seen since April 6, 2022, before the collapse of the Terra market.
Despite a significant trading volume of $31 billion, the dominant trading pairs for BTC include USDT, FDUSD, USD, USDC, and KRW. Leading global exchanges like Binance, Kraken, Coinbase, and Bitfinex are at the forefront of BTC trading volume.
On Tuesday, BTC’s trading volume was second only to the stablecoin tether (USDT). The upturn in crypto prices led to the liquidation of $160 million in shorts in the last 24 hours, with around $91.34 million stemming from bitcoin short positions. This increase in value has boosted Bitcoin’s market dominance to 51.3% amidst a combined market worth of over $1.65 trillion across more than 10,000 digital assets.
This remarkable price increase has propelled Bitcoin to surpass the market capitalizations of both Meta and Berkshire Hathaway. Bitcoin now ranks as the ninth-largest asset in market valuation, encompassing companies, precious metals, and exchange-traded funds. This achievement underscores Bitcoin’s growing influence and stature in the global financial landscape.
Via: 2Usethebitcoin.com
