Bitcoin broke the $47,000 mark on Monday as expectations grew over the possible launch of a U.S. spot Bitcoin exchange-traded fund (ETF). The leading cryptocurrency asset rose to a high of $47,281 by 2:10 PM ET after starting the day at $43,247 per unit.
Bitcoin rally surpasses $47K
On Monday afternoon, the major cryptocurrency assets by market capitalization saw a notable surge around 2 PM ET. Bitcoin (BTC) has experienced a rise above $3,600 from its daily low, and many analysts have linked this rally to the possible approval of several spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). The last time Bitcoin touched this price range was in December 2021, after falling from an all-time high of $69,000, according to the latest market figures.
The digital currency’s market value soared to exactly $917 billion, surpassing Meta (formerly Facebook) in market size and securing its status as the ninth-largest asset by market value. BTC trading volume strengthened, contributing $37.17 billion to the day’s total volume of $144 billion. Current statistics show that as of 3:10 PM ET, BTC’s market cap is $46,922, just over 32% above the all-time high of $69,000 achieved on November 10, 2021.
This price rise resulted in the elimination of numerous short trading positions. According to 4-hour data from Coinglass, $73.62 million in BTC shorts were liquidated, totaling approximately $13.75 million after it surged past $47,000. This rise in the price of Bitcoin has also given a boost to other cryptocurrencies, pushing the value of the entire cryptocurrency market economy to $1.8 trillion. Bitcoin dominates this figure with a 50.8% market share, while Ethereum (ETH) holds a 15.6% share of the combined market.
What do you think about Bitcoin’s rise in value on Monday afternoon? Share your thoughts and opinions on this topic in the comments section below.
Source: Bitcoin.com