Rapid Surge Pushes Bitcoin Above $44K, Its Highest Level Since Pre-Terra Crash
Over the past month, the price of bitcoin has experienced a significant surge of more than 24%, with a 17% increase just in the past two weeks. This week, bitcoin has witnessed an impressive rise, surging by 14% against the U.S. dollar. On Tuesday, December 5, bitcoin reached a peak of $44,011 at 12:15 p.m. Eastern Time. The trading volume of bitcoin currently stands at $31.68 billion, which is twice the volume of the previous day. Throughout the day, the trading range for bitcoin fluctuated between $41,453 and slightly over $44,000.
Trading Volume and Exchanges
Bitcoin’s trading volume on Tuesday ranked second, with the stablecoin tether (USDT) taking the top spot. The dominant trading pairs for bitcoin include USDT, FDUSD, USD, USDC, and KRW. Binance, Kraken, Coinbase, and Bitfinex are some of the top exchanges for global bitcoin trading volume. The recent surge in cryptocurrency prices has led to the liquidation of $160 million in short positions, with approximately $91.34 million coming from bitcoin. Additionally, bitcoin’s market dominance has increased to 51.3%, with a combined market value of over $1.65 trillion across more than 10,000 assets.
Bitcoin’s Market Capitalization and Ranking
In addition to its price surge, bitcoin has surpassed the market capitalization of Meta and has overtaken the total valuation of Berkshire Hathaway. This skyrocketing price has positioned bitcoin as the ninth-largest asset in terms of market valuation, along with companies, precious metals, and exchange-traded funds.
Hot Take: Bitcoin Continues to Break Records
The price of bitcoin has soared to new heights, breaking through the $44,000 barrier and reaching levels not seen since before the Terra market collapse. With its recent surge in price and market dominance, bitcoin is proving its resilience as a leading cryptocurrency. As the market capitalization of bitcoin continues to climb, it is solidifying its position as a significant player in the financial world. This record-breaking performance highlights the growing interest and confidence in bitcoin, setting the stage for further advancements and opportunities in the crypto space.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.