The price of BTC soared beyond $40K on Sunday, December 3, 2023, reaching a peak of $40,846 at 8:45 p.m. Eastern Time. With an 8.4% increase over the last week and a 3% climb in the last day, bitcoin has reached a peak it hasn’t seen in 20 months.

BTC Exceeds the $40K Mark

Early in April 2022, Bitcoin (BTC) saw a peak in value per unit that has not been seen since it surged above $40,000. The price of the cryptocurrency fluctuated throughout intraday trading, rising from a low of $39,309 to a high of $40,846 per BTC.

BTCUSD
BTCUSD price chart (source: trading view)

With this price increase, bitcoin now has a $795.87 billion market capitalization or 50% of the $1.593 trillion cryptocurrency market.

When compared to the US dollar, Bitcoin has appreciated by an astounding 140% since the year’s beginning.

Just this past month, the price of this popular cryptocurrency has climbed by slightly more than 49%. With a current global transaction volume of $17.93 billion, tether (USDT) is currently the main trading pair for Bitcoin. The most popular trading pairings for BTC are FDUSD, USD, USDC, and KRW, after tether.

The Korean won made up 4.88% of all trade volume in Bitcoin on Sunday, and the cryptocurrency was seeing a “Kimchi premium” on platforms like Upbit and Bithumb. BTC is being swapped on Bithumb for a noticeably higher $42,249 over its current trading price of $40,798.

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This is $1,451 per unit more expensive than the average price in the world. Furthermore, as a direct result of the price shift, $77.95 million worth of short Bitcoin bets were liquidated as the cryptocurrency surged beyond the $40K barrier.

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