On Sunday, December 3, 2023, bitcoin’s value surged past the $40K mark, peaking at $40,846 at 8:45 p.m. Eastern Time. Over the past week, bitcoin has witnessed an 8.4% increase and a 3% rise in the past 24 hours, achieving a peak that the cryptocurrency hadn’t seen in 19 months.
Bitcoin Breaks $40K Barrier — Highest Value in Nearly Two Years
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Bitcoin Rises Above the $40K Zone
Bitcoin ( BTC) reached a peak previously last observed in early April 2022, as its value per unit soared beyond the $40,000 threshold. The intraday trading saw the cryptocurrency’s price fluctuating from a low of $39,309 to a high of $40,846 per BTC. This surge in price brings bitcoin’s total market capitalization to $795.87 billion, accounting for 50% of the entire $1.593 trillion crypto economy.
Since the start of the year, BTC has experienced a remarkable 140% rise against the U.S. dollar, and in the past month alone, this leading cryptocurrency has increased by just over 49%. Currently, bitcoin boasts a global trade volume of $17.93 billion, with its primary trading pair at this moment being tether ( USDT). Following tether, the top trading pairs for BTC include FDUSD, USD, USDC, and KRW.
On Sunday, the Korean won constitutes 4.88% of BTC’s total trade volume, with the cryptocurrency witnessing a ‘Kimchi premium‘ on exchanges such as Bithumb and Upbit. While BTC trades at $40,798, it’s being exchanged at a notably higher $42,249 on Bithumb. This represents a significant premium of $1,451 per unit compared to the global average price. Furthermore, following BTC’s surge past the $40K threshold, there was a liquidation of $77.95 million in BTC short positions as a direct response to the change in price.
What are your thoughts on bitcoin’s rise on Sunday? Let us know what you think in the comments section below.
