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Bitcoin’s spot market value leaped over the $49K threshold on Monday, breaking free from its initial trading confines of the day. The leading digital currency by market cap swiftly reached $50,000, marking a 3.7% increase over the past day and a notable 15.6% rise throughout the week.
Bitcoin Breaks $49K Barrier, Bulls Seek to Tackle $50K in Swift Market Surge
Over the past week and the month leading up to it, bitcoin (BTC) has seen an impressive 16.7% uptick since Jan. 12, 2024. By 10:00 a.m. Eastern Time on Monday, Feb. 12, it vaulted over the $49K barrier. Just 45 minutes later, it momentarily hit $50,000 per unit on Bitstamp, only to retreat slightly after encountering stiff resistance.
Within a brief span of 60 minutes, a staggering $25.57 million in BTC short positions were wiped out as the price soared. Currently, bitcoin’s market cap is near $979 billion, representing 52.9% of the entire crypto market. Leading trading pairs for BTC on Monday included USDT, FDUSD, USD, USDC, and KRW.
In South Korea, bitcoin’s spot market value is trading even higher, breaching the $50K mark with a premium price of $50,665 per unit on Bithumb, compared to its global rate of $49,856. Other South Korean platforms such as Upbit and Korbit mirror these elevated rates. The current level of BTC’s valuation hasn’t been observed since December 2021, surpassing 800 days, with the exception of a brief spike to $49K on Jan. 11, 2024.
With its current price at $49,856, BTC is just 28.3% shy of its peak at $69K, recorded on Nov. 10, 2021. It still remains the tenth most significant asset globally by market cap, trailing Meta’s $1.212 trillion valuation. Bitcoin’s current worth significantly outstrips its value from the same period last year, when it was trading between $21,500 and $22,500.
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