Bitcoin’s value reached a new peak for 2024 on Monday at 11:13 a.m. Eastern Time (ET), eclipsing the $66,000 threshold. Over the past year, bitcoin’s value has swelled by 196% and has risen by 157% over the last six months when measured against the U.S. dollar. At the time of writing, the leading crypto asset is nearing the $67,000 mark.
Bitcoin Soars to 2024 High Surpassing $66,000, Nearing All-Time Peak as Halving Approaches
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Bitcoin Price Approaches All-Time Peak
With the network halving drawing near, fewer than 7,000 blocks remain, and the value of bitcoin against the dollar has significantly increased. On Monday, March 4, 2024, BTC hit a new 2024 high, climbing to $66,851 at 11:13 a.m. (ET), moving well past the $64,000 peak achieved just five days prior on Feb. 28.
After jumping past the $66K range, BTC has surpassed the market capitalization of the social media powerhouse Meta Platforms (formerly Facebook). BTC is now ranked the ninth largest asset globally by overall market capitalization.
Today, bitcoin’s trading volume stands at approximately $52.84 billion, contributing to the global crypto economy’s 24-hour trade volume of $156 billion. However, this volume falls short of tether’s ( USDT) 24-hour volume on Sunday, which amounts to $86 billion.
USDT ranks as bitcoin’s primary trading pair, with the first digital usd (FDUSD) following as the second most significant trading pair for bitcoin. Subsequent to FDUSD, the most prevalent trading pairs for bitcoin include USD, USDC, KRW, EUR, TUSD, and GBP, rounding out BTC’s top eight trading pairs.
Although bitcoin has revisited the $66,000 level, on South Korean exchanges such as Upbit and Bithumb, it commands a premium, trading at $69,166 per unit. Currently, BTC’s value is a mere 4% shy of its all-time peak of $69,044 per unit, achieved on Nov. 10, 2021.
It’s quite possible that the value of BTC could soon equal the value of a kilogram of fine gold, which amounts to 35.27 ounces, with BTC’s current worth at 32.6 ounces. It’s important to remember that during BTC’s upward trends, drops ranging from 20-30% are not uncommon.
Clearly, bitcoin has enjoyed a steady ascent over the last 140 days, with only minor declines observed. The digital currency did experience a notable 20% decrease after momentarily reaching $49K, coinciding with the approval of spot bitcoin exchange-traded funds, marking its first significant downturn since mid-October 2023.
What do you think about bitcoin surpassing the $66,000 mark on Monday? Share your thoughts and opinions about this subject in the comments section below.
