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 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.
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