On Tuesday, bitcoin’s price soared past the $44,000 mark, peaking at $44,011 per unit. In the last month, the leading cryptocurrency by market capitalization has seen a surge exceeding 24%, and 17% in just the past two weeks.
Bitcoin Breaks Through $44K Barrier, Reaching Peak Levels Since Pre-Terra Crash
This week, bitcoin has been on a remarkable ascent, escalating 14% against the U.S. dollar. On December 5, Tuesday, BTC achieved a zenith of $44,011 at 12:15 p.m. Eastern Time. Currently, BTC’s trading volume stands at $31.68 billion, a figure that is twice as high as the previous day’s. The trading range for bitcoin during the day fluctuated from $41,453 to a little over $44,000.
The value of BTC hasn’t reached these heights since April 6, 2022, before the Terra market collapse. Despite a trading volume of $31 billion, BTC’s dominant trading pairs are USDT, FDUSD, USD, USDC, and KRW. Today’s top exchanges for global BTC trading volume include major platforms like Binance, Kraken, Coinbase, and Bitfinex.
BTC’s trading volume on Tuesday ranks second, trailing only behind the stablecoin tether (USDT). The recent surge in crypto prices has led to the liquidation of $160 million in shorts over the last 24 hours. Of these, approximately $91.34 million originated from bitcoin (BTC) short positions. The ascendancy of this crypto asset has propelled its market dominance to 51.3% amidst a combined value of over $1.65 trillion across more than 10,000 assets.
Moreover, bitcoin has eclipsed the market capitalization of Meta, following its overtaking of Berkshire Hathaway’s total valuation. This latest price increase positions BTC as the ninth-largest asset in terms of market valuation, a list that includes companies, precious metals, and exchange-traded funds.
What do you think about bitcoin tapping the $44K mark on Tuesday? Let us know what you think in the comments section below.
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