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Bitcoin Surpasses 40K Mark: Achieves Highest Value in Almost Two Years

Bitcoin Achieves a New Milestone and Crosses $40K

On the exciting day of December 3, 2023, an unexpected yet remarkable event took place in the world of cryptocurrency. The much-acclaimed star of digital assets, Bitcoin, saw its worth skyrocket beyond $40,000, marking its highest in almost two years. Throughout the past week, the value of bitcoin rose by an astounding 8.4%, with a 3% increase noted just within the last 24 hours. This price zenith hasn’t been experienced by the digital currency since 20 months prior.

Bitcoin’s Prideful Ascent Beyond the $40K Territory

The value per unit of Bitcoin, commonly represented by BTC, ascended past the significant $40,000 mark, which was last observed roughly in April of 2022. The value pulses between a low of $39,309 and a high of $40,846 per BTC throughout the course of intraday trading. Owing to this surge, Bitcoin’s total market capitalisation has now reached a substantial $795.87 billion, thus comprising almost half of the total $1.593 trillion crypto economy.

To kickstart the year, BTC showed a splendid growth of 140% against the U.S. dollar. If you consider just the last month, the pioneer in digital currency grew by slightly over 49%. Currently, Bitcoin commands a global trading volume worth $17.93 billion. It’s most traded in pair with Tether (USDT), followed by FDUSD, USD, USDC, and KRW.

The popularity of Bitcoin continues to grow across the globe, with 4.88% of BTC’s total trade volume being constituted by Korean won, as of this Sunday. Especially in exchanges like Bithumb and Upbit, Bitcoin experiences a significant ‘premium’. Interestingly, while the average trading price of BTC hovers at $40,798, on Bithumb it trades at a comparatively higher rate of $42,249. This signals a significant premium of $1,451 per unit as compared to the global average price. Surpassing the much-aspired-for $40k threshold caused a liquidation of $77.95 million in BTC short positions as a reaction to this significant price change.

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Frequently asked Questions

1. How did Bitcoin surpass the $40K mark?

Bitcoin surpassed the $40K mark due to a combination of factors, including increased institutional adoption, growing mainstream acceptance, and positive market sentiment. Additionally, the limited supply of Bitcoin and the perception of it being a safe haven asset have contributed to its meteoric rise.

2. When was the last time Bitcoin achieved such a high value?

Bitcoin achieved its highest value in almost two years, with the last time it surpassed the $40K mark being in [insert year]. This recent milestone signifies a significant resurgence in Bitcoin’s value and demonstrates its potential as a profitable investment.

3. What factors have contributed to Bitcoin’s highest value in almost two years?

Several factors have contributed to Bitcoin’s highest value in almost two years. These include increased institutional investment, such as major companies allocating portions of their treasury funds to Bitcoin. Additionally, the growing acceptance of Bitcoin as a legitimate asset class and the increasing demand from retail investors have further propelled its value.

4. Can Bitcoin sustain its high value in the long run?

While the future value of Bitcoin is uncertain, the cryptocurrency has shown resilience and the ability to bounce back from significant price fluctuations in the past. Factors like ongoing institutional adoption, continued mainstream acceptance, and technological advancements can potentially contribute to sustained growth in Bitcoin’s value over the long run.

5. What impact does Bitcoin’s surge in value have on the overall cryptocurrency market?

Bitcoin’s surge in value has a significant impact on the overall cryptocurrency market. As the most dominant and widely recognized cryptocurrency, Bitcoin often sets the tone for the market as a whole. Its increase in value can boost investor confidence and attract new participants, leading to increased interest and investment in other cryptocurrencies as well.

6. How does Bitcoin’s current value compare to other traditional assets?

Bitcoin’s current value surpassing the $40K mark places it in a league of its own compared to traditional assets. Its exponential growth and potential for high returns make it stand out among traditional investments such as stocks, bonds, and commodities. However, it’s important to note that Bitcoin’s volatility and speculative nature also pose higher risks compared to more traditional, stable assets.

7. What should investors consider when dealing with Bitcoin’s high value?

Investors should consider several factors when dealing with Bitcoin’s high value. Firstly, they should assess their risk tolerance and evaluate whether Bitcoin aligns with their investment goals. Secondly, they should stay informed about market trends, regulatory developments, and technological advancements that can impact Bitcoin’s value. Finally, diversifying one’s investment portfolio and consulting with financial advisors can help mitigate potential risks associated with Bitcoin’s volatility.