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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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