Bitcoin Rockets Past $49K, Targets $50K Amid Global Trading Frenzy In a whirlwind of trading activity, bitcoin (BTC) has surged by an impressive
16.7% since January 12, 2024. The digital currency crossed the $49K milestone and briefly flirted with $50,000 on Bitstamp, causing quite a stir in the market.
Within just an hour,
$25.57 million worth of BTC short positions were wiped out as the price skyrocketed.
Bitcoin's market cap now stands at around $979 billion, commanding over half of the entire crypto market.
While bitcoin is making waves globally, it's making an even bigger splash in
South Korea, where it's trading at a premium price of
$50,665 on Bithumb. Upbit and Korbit are also mirroring these elevated rates, signaling strong demand.
It's been over
800 days since bitcoin reached these heights, with only a brief tease at $49K in January.
Despite being 28.3% away from its peak at $69K, BTC's current value of $49,856 is still a far cry from last year's range of $21,500 to $22,500.
As the tenth most valuable asset worldwide by market cap, bitcoin continues to chase after Meta's staggering valuation of
$1.212 trillion. With all eyes on the charts, traders and enthusiasts eagerly await what lies ahead for this digital gold rush.
