Bitcoin Breaks $60K Barrier — On the Verge of Outranking Meta by Market Value

Bitcoin broke through the critical $60,000 barrier at 8:30 a.m. Eastern Time on Wednesday, reaching a level last seen in November 2021. The leading cryptocurrency’s market value is on the brink of overtaking Meta, positioning it as the ninth most valuable asset in the world by market capitalization.

Bitcoin Climbs Past $60,000: A New Era of Digital Asset Valuation Approaches

This week, bitcoin’s (BTC) price has seen a notable increase, with the value of one BTC exceeding the $60,000 mark on Wednesday. Currently, bitcoin has seen $50.84 billion in trade volume over the last 24 hours, and since the beginning of 2024, its value has risen by 42%.

Although it currently ranks as the world’s tenth-largest asset by market cap, it is very close to eclipsing Meta’s (formerly known as Facebook) valuation of $1.24 trillion. Additionally, overtaking the global market cap of silver, valued at $1.27 trillion, might soon be a reality for bitcoin (BTC).

By 9:00 a.m. Eastern Time (ET), BTC was trading at $60,516 per unit, reaching a 24-hour peak of $60,765 at 8:38 a.m. ET. In the hour leading up to the $60,000 mark, $24.76 million in short positions against BTC were liquidated. Throughout the previous day, the surge in price eliminated $121.23 million in BTC short positions.

The last instance of BTC trading in the $60,000 range was on November 13, 2021, which is also the month when BTC’s price hit its all-time high. Currently, with a price of $60,445, bitcoin is just a 12% increase away from surpassing its record high of $69,044 per unit, set on Nov. 10, 2021.

This upward trend is supported by recent inflows and trading volumes from spot bitcoin exchange-traded funds, which now hold over 300,000 BTC. The climb to $60K also coincides with the eagerly awaited halving event, now just 52 days away.

What do you think about bitcoin breaking the $60K zone? Let us know what you think about this subject in the comments section below.