Bitcoin has surged past the $60,000 mark, marking a significant milestone reminiscent of its performance back in November 2021. This surge places Bitcoin on the cusp of overtaking Meta, the company formerly known as Facebook, in terms of market capitalization, potentially positioning it as the ninth most valuable asset globally.
The past week has witnessed a remarkable uptick in Bitcoin's price, with its value surpassing $60,000 amid heightened trading activity. Clocking in at $50.84 billion in trade volume over the last 24 hours alone, Bitcoin has demonstrated a resurgence in investor interest. Since the dawn of 2024, its value has surged by an impressive 42%, reflecting renewed confidence among market participants.
Currently occupying the tenth spot among the world's largest assets by market cap, Bitcoin is poised to surpass Meta's valuation of $1.24 trillion. Additionally, it stands tantalizingly close to outpacing the global market cap of silver, currently valued at $1.27 trillion, underscoring the growing prominence of cryptocurrencies in the global financial landscape.
At 9:00 a.m. Eastern Time (ET), Bitcoin was trading at $60,516 per unit, hitting a 24-hour peak of $60,765 at 8:38 a.m. ET. The surge past the $60,000 mark triggered significant liquidations of short positions, with $24.76 million in such positions against Bitcoin being liquidated in the lead-up to this milestone. Notably, the rally wiped out $121.23 million in Bitcoin short positions over the preceding day, further fueling bullish sentiment in the market.
Bitcoin's current price of $60,445 represents a mere 12% increase from its all-time high of $69,044 per unit, achieved on November 10, 2021. The resurgence in Bitcoin's value is buoyed by substantial inflows and trading volumes from spot Bitcoin exchange-traded funds, which now boast holdings exceeding 300,000 BTC. Moreover, the rally to $60,000 coincides with the eagerly anticipated halving event, now just 52 days away, which is poised to further catalyze Bitcoin's price action.
Analysts and market participants are increasingly optimistic about Bitcoin's prospects, with expectations running high for the cryptocurrency to set a new record this year. The recent launch of ETFs has democratized access to the asset class, attracting institutional investors and bolstering demand for Bitcoin. Additionally, the forthcoming halving event, a fundamental feature of the Bitcoin code designed to curtail supply, is expected to exert further upward pressure on prices.
Joel Kruger, market strategist at LMAX Group, emphasized the transformative potential of Bitcoin's mainstream adoption, noting that the asset's economics support continued appreciation. Meanwhile, Antoni Trenchev, co-founder of crypto exchange Nexo, foresees some resistance as Bitcoin nears the $69,000 mark but anticipates heightened investor interest, particularly among retail investors who have thus far remained on the sidelines.
The bullish momentum in Bitcoin has also reverberated across related equities, with crypto exchange Coinbase witnessing a 2% surge in its shares, while Bitcoin proxy Microstrategy surged 9%. Similarly, Block and Robinhood, which offer crypto trading services, saw gains of 4% each, underscoring the broader market optimism surrounding cryptocurrencies and their associated ecosystem. Popular miners CleanSpark and Riot Platforms also recorded gains, adding over 2% each, further underscoring the widespread bullish sentiment pervading the market.
