The Current Price of Bitcoin: A Milestone in Crypto Dynamics
To cut to the chase, Bitcoin (the world’s leading and most trading crypto asset) has crossed the $47,000 mark amid widespread anticipation for the launch of a U.S. spot bitcoin exchange-traded fund (ETF). And don’t let the fund’s long name and obscure acronym put you off, this fund will be another factor that will strengthen Bitcoin’s position. The SEC is on the verge of approving several such funds, which in turn will boost the capitalisation of the world’s most important cryptocurrency to fabulous proportions. Specifically, experts estimate the capitalisation of BTC at $917 billion, and that’s even more than Meta (formerly Facebook). These figures will place Bitcoin firmly in ninth place among all the other thouthands of asset options that can be invested in.
The jump in price occurred by 2:10 Eastern Time (ET) on Monday. From $43,247 to $47,281. This once again confirmed the notorious volatility of the crypto market.
A few more numbers. During the period of active growth, the trading volume reached $37.17 billion, and during the whole day, Bitcoin was bought and sold for $144 billion. The $47,281 price is not far from the all-time high set on 10 November 2021, when Bitcoin sold for $69,000.
The recent surge in the price of Bitcoin has had a significant impact on the entire crypto market, with the volume of all cryptocurrencies traded rising to $1.8 trillion. The leading currency, Bitcoin, accounted for just over half of this total, but Ethereum (ETH) was and still is the second largest cryptocurrency, with a significant share of the pie (15.6%).
Market Cap Milestone: Bitcoin’s Remarkable Surge
Seeing the significant growth of BTC and anticipating further growth of this and other cryptocurrencies, new players have invested in the crypto market. Unfortunately, the ruthless market is likely to weed out players who chase the hype and invest their money at the first possible price correlation. But this unfortunate fact does not change the fact that Bitcoin has strengthened its position and we should not wait for the bubble to burst.
Crypto Market Soars: A Ripple Effect from Bitcoin’s Surge
Other cryptocurrencies also rose in price on the back of Bitcoin’s growth. The whole market was watching. Efirium grew by a significant $250, and by early Tuesday the price per unit was almost $2400. At the same time, BNB added a few more dollars to its value, passing the $300 per coin mark. Other major players such as Cardano (ADA) and Solana (SOL) also rose in value. Each of them was helped by Bitcoin’s performance. This sharp rise in price has led to many short positions being closed in the market. According to four-hour data from Coinglass, a total of $73.62 million in short Bitcoin positions were liquidated. A particularly large portion of these liquidations, around $13.75 million, occurred after the price suddenly broke through the $47,000 mark.
