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Bitcoin Shatters $40K Mark, Reaching Nearly Two-Year Peak Value

Bitcoin attains a peak value of over $40,000 in almost two years

The digital currency, Bitcoin, made waves as it transcended the $40,000 benchmark on 3rd December 2023. The meteoric rise of this digital currency took it to a high of $40,846 at 8.45 PM Eastern Time. Over the last week, Bitcoin’s value has escalated by 8.4%, with a 3% surge seen within the last 24 hours. This is a milestone value not seen in 20 months.

Bitcoin soars to new heights, surpassing the $40,000 mark

Bitcoin (BTC), a digital asset, ascended to a summit last seen in April 2022. The price per BTC climbed over the $40,000 benchmark, with intraday trading causing a lot of price fluctuations. The value rose from a low of $39,309 to a high of $40,846 per BTC. The price increase brings Bitcoin’s total market capitalization to $795.87 billion, making up 50% of the total $1.593 trillion digital currency market.

Cryptocurrency soars in the New Year, Prodigious growth rate

The start of the year welcomed an impressive 140% rise in BTC value against the U.S. dollar. However, the currency didn’t stop there. It has experienced a growth of over 49% in just the past month. At present, Bitcoin boasts a worldwide trading volume of $17.93 billion. Its main trading pair currently is tether (USDT). The success of BTC’s other top trading pairs like FDUSD, USD, USDC, and KRW follows this.

On the same day, the Korean won made up for 4.88% of BTC’s entire trading volume. The digital currency also noticed a ‘Kimchi premium’ on exchanges like Bithumb and Upbit. While BTC trades at $40,798, it gets exchanged for a notably higher price of $42,249 on Bithumb. This equates to a substantial premium of $1,451 per unit, as compared to the global average price. Consequently, BTC’s rise beyond the $40,000 barrier resulted in a liquidation of $77.95 million in BTC short positions following the price change.

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Frequently asked Questions

1. What milestone has Bitcoin recently achieved in terms of its value?

Bitcoin has recently shattered the $40,000 mark, reaching a nearly two-year peak value.

2. When was the last time Bitcoin’s value reached such a high level?

Bitcoin’s value has not been this high since the last quarter of 2017.

3. What factors contributed to Bitcoin’s surge in value?

Several factors have contributed to the surge in Bitcoin’s value, including increased institutional interest, growing acceptance by mainstream companies, and a limited supply of new Bitcoins being created.

4. Will Bitcoin’s value continue to rise? What are the potential challenges it may face?

While it is impossible to predict the future with certainty, some experts believe that Bitcoin’s value may continue to rise due to ongoing institutional adoption and increased demand. However, challenges such as regulatory uncertainties and potential market volatility may pose risks to its upward trajectory.

5. How does Bitcoin’s recent increase in value affect other cryptocurrencies?

Bitcoin’s recent surge in value often has a positive impact on the overall cryptocurrency market. As Bitcoin is considered the flagship cryptocurrency, its rising value can result in increased investor confidence and subsequently lead to increased values of other cryptocurrencies.

6. What are the potential benefits of Bitcoin’s increasing value for investors?

The increasing value of Bitcoin can bring several benefits for investors. It can lead to capital appreciation, making it a potentially profitable investment. Additionally, it may provide diversification opportunities for investment portfolios and serve as a hedge against inflation.

7. Should individuals consider investing in Bitcoin at its current value?

Investing in Bitcoin at its current value involves risks and should be carefully considered. It is important for individuals to thoroughly research and understand the cryptocurrency market, including its volatility and potential regulatory changes, before making any investment decisions. Consulting with a financial advisor can also provide valuable guidance in this regard.