Bitcoin breached the $47K threshold on Monday, fueled by growing excitement over the potential launch of a U.S. spot bitcoin exchange-traded fund (ETF). The leading crypto asset kicked off the day at $43,247 per unit, then climbed to a peak of $47,281 by 2:10 p.m. Eastern Time (ET).
Bitcoin Rally Tops $47K
Monday afternoon witnessed a notable surge in the market cap’s leading crypto asset, occurring around 2 p.m. ET. Bitcoin (BTC) experienced an increase exceeding $3,600 from its daily low, with many analysts linking this upswing to the potential approval of several spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). The latest market figures indicate that bitcoin’s previous encounter with this price bracket was in December 2021, following its descent from the record high of $69K.
The market valuation of the digital currency soared, reaching precisely $917 billion, eclipsing Meta (formerly Facebook) in market size and securing its position as the ninth-largest asset by market valuation. The trading volume for BTC has intensified, contributing $37.17 billion to the day’s total $144 billion in trades. Current statistics reveal that, at 3:10 p.m. ET, BTC’s market value of $46,922 is just over 32% below its all-time high of $69K, achieved on Nov. 10, 2021.
This uptick in price has resulted in the elimination of numerous short trading positions. Coinglass’s four-hour data indicates that $73.62 million in BTC shorts were liquidated, with approximately $13.75 million occurring following the surge past $47K. This increase in bitcoin’s price has also buoyed other cryptocurrencies, elevating the entire crypto market economy to a value of $1.80 trillion. Bitcoin dominates this figure with a 50.8% market share, while ethereum (ETH) holds a 15.6% stake in the combined market.
What do you think about bitcoin’s rise in value on Monday afternoon? Share your thoughts and opinions about this subject in the comments section below.
