Bitcoin Breaks $60K Barrier — On the Verge of Outranking Meta by Market Value
Bitcoin just smashed through the critical $60,000 barrier, a level not seen since November 2021!
Wednesday morning saw Bitcoin shatter the crucial $60,000 milestone at 8:30 a.m. Eastern Time, achieving a high not witnessed since November last year. The premier digital currency is now on the cusp of surpassing Meta in market valuation, potentially ranking as the ninth world's most valuable asset by market cap.
This week, Bitcoin's price has climbed significantly, with its per unit value soaring past $60,000 on Wednesday. Bitcoin's 24-hour trading volume currently stands at $50.84 billion. Since the start of 2024, its worth has escalated by 42%.
Bitcoin is currently the tenth-most valuable asset globally by market cap but is hot on the heels of Meta, with its value of $1.24 trillion. The prospect of Bitcoin surpassing the $1.27 trillion market cap of silver is also within sight.
By 9:00 a.m. Eastern Time, Bitcoin was trading at $60,516, peaking at $60,765 at 8:38 a.m. In the lead-up to crossing the $60,000 threshold, short positions against Bitcoin valued at $24.76 million were liquidated. The previous day's price rally wiped out $121.23 million worth of Bitcoin short positions.
November 13, 2021, was the last time Bitcoin traded in the $60,000 range, coinciding with the month it reached its pinnacle pricing. At the current $60,445 value, Bitcoin is a mere 12% rise away from its historical high of $69,044 per unit, established on November 10, 2021.
This bullish trend has been fueled by fresh capital and trading volume from spot Bitcoin ETFs, now holding upwards of 300,000 BTC. The surge to $60K also aligns with the anticipation for the upcoming halving event, now only 52 days away.
