Bitcoin (BTC) has surged above the $40,000 mark, reaching a peak of $40,846 on Sunday, December 3, 2023. This significant price increase, not seen in 20 months, reflects an 8.4% gain over the past week and a 3% rise in the last 24 hours. With a total market capitalization of $795.87 billion, Bitcoin now commands 50% of the entire $1.593 trillion cryptocurrency market. The article explores the factors contributing to this remarkable surge, the cryptocurrency's year-to-date performance, and the impact on short positions. Additionally, it delves into the Kimchi premium observed on Korean exchanges and provides insights into Bitcoin's current trading pairs and global trade volume.
Bitcoin has surpassed the $40,000 milestone, experiencing a major price surge that propelled its value to a 20-month high. The cryptocurrency reached a peak of $40,846 on Sunday, December 3, 2023, marking an 8.4% increase over the past week and a 3% rise in the last 24 hours. With a total market capitalization of $795.87 billion, Bitcoin now constitutes 50% of the entire $1.593 trillion cryptocurrency market.
This substantial price increase is reflective of Bitcoin's outstanding performance throughout the year, witnessing a remarkable 140% rise against the U.S. dollar since the beginning of 2023. In the past month alone, the leading cryptocurrency has surged by just over 49%, indicating a robust bullish trend.
Bitcoin's current global trade volume stands at $17.93 billion, with Tether (USDT) being its primary trading pair at the moment. Other notable trading pairs include FDUSD, USD, USDC, and KRW, with the Korean won contributing 4.88% to BTC's total trade volume. Interestingly, Korean exchanges such as Bithumb and Upbit are witnessing a 'Kimchi premium,' with Bitcoin trading at a notably higher price on these platforms compared to the global average.
The article sheds light on the significance of Bitcoin's price surpassing $40,000 and explores the potential factors contributing to this surge. It also discusses the cryptocurrency market's overall trends, emphasizing Bitcoin's dominant position with a 50% market share.
Moreover, the impact on short positions is highlighted, with a liquidation of $77.95 million in BTC short positions occurring in response to the rapid change in price. The article provides insights into the market dynamics influenced by this surge and the reactions of traders.
In conclusion, Bitcoin's recent price milestone has captured the attention of the cryptocurrency community, signaling positive momentum and heightened market activity. As the cryptocurrency market continues to evolve, Bitcoin's performance serves as a key indicator of broader market trends and investor sentiment.
(Jamie Redman, Bitcoin News, 2023)