Bitcoin Breaks $40K Barrier — Highest Value in Nearly Two Years 

On Sunday, December 3, 2023, bitcoin’s worth surged previous the $40K mark, peaking at $40,846 at 8:45 p.m. Eastern Time. Over the previous week, bitcoin has witnessed an 8.4% improve and a 3% rise prior to now 24 hours, reaching a peak that the cryptocurrency hadn’t seen in 20 months.

Bitcoin Rises Above the $40K Zone

Bitcoin (BTC) reached a peak beforehand final noticed in early April 2022, as its worth per unit soared past the $40,000 threshold. The intraday buying and selling noticed the cryptocurrency’s worth fluctuating from a low of $39,309 to a excessive of $40,846 per BTC. This surge in worth brings bitcoin’s whole market capitalization to $795.87 billion, accounting for 50% of the complete $1.593 trillion crypto financial system.

Since the beginning of the yr, BTC has skilled a exceptional 140% rise in opposition to the U.S. greenback, and prior to now month alone, this main cryptocurrency has elevated by simply over 49%. Currently, bitcoin boasts a worldwide commerce quantity of $17.93 billion, with its major buying and selling pair at this second being tether (USDT). Following tether, the highest buying and selling pairs for BTC embrace FDUSD, USD, USDC, and KRW.

On Sunday, the Korean gained constitutes 4.88% of BTC’s whole commerce quantity, with the cryptocurrency witnessing a ‘Kimchi premium‘ on exchanges comparable to Bithumb and Upbit. While BTC trades at $40,798, it’s being exchanged at a notably increased $42,249 on Bithumb. This represents a major premium of $1,451 per unit in comparison with the worldwide common worth. Furthermore, following BTC’s surge previous the $40K threshold, there was a liquidation of $77.95 million in BTC quick positions as a direct response to the change in worth.

What are your ideas on bitcoin’s rise on Sunday? Let us know what you suppose within the feedback part under.