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The price of bitcoin has risen past the $54,000 threshold, now hovering at $54,446 per unit as of Monday, Feb. 26, 2024, at 2:37 p.m. Eastern Time (ET). This leading crypto asset has witnessed a growth of 4.5% in the last six hours, and over the previous month, bitcoin’s value has soared by 28.3% against the U.S. dollar.
Bitcoin Revisits $54K Territory, Gains Momentum Ahead of 2024 Halving
For the first time since 2021, Bitcoin’s (BTC) has breached the $54,000 mark, reaching a peak of $54,564 at 2:28 p.m. on Monday. With its current price, bitcoin’s market capitalization is smoothly sailing at $1.06 trillion, accounting for 51.2% of the $2.06 trillion total crypto economy. Now ranked as the world’s tenth largest asset by market capitalization, BTC is slightly below Meta’s total valuation of $1.23 trillion.
As of 8 a.m., bitcoin’s trading volume stood at $14.57 billion, which has escalated to $24.59 billion by mid-afternoon. Bitcoin’s trading volume constitutes 32.32% of the $76.06 billion total 24-hour trading volume across the crypto market on Monday. A detailed look at a four-hour span reveals that $37.4 million in bitcoin short positions were liquidated as prices vaulted from $53,000, and then to $54,000. The last instance when bitcoin’s price was above the $54,000 mark was on Nov. 28, 2021.
Currently, bitcoin’s value is merely 21.5% shy of its peak price of $69,044 per unit, recorded on Nov. 10, 2021. This upward trajectory aligns with the anticipation surrounding the imminent Bitcoin network’s reward halving, set to occur in less than two months. Historically, bitcoin has experienced significant price appreciation in years marked by a halving event, and 2024 appears to be continuing this trend.
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