On Sunday, around 3 p.m. Eastern Time, the cryptocurrency Bitcoin rose in value to $28,422 per unit. Over the course of the last week, this value has increased by 37.9%, meaning that now a single bitcoin is worth more than $546 billion dollars!
Bitcoin Hits $28,000
On Sunday (March 19, 2023) at 3 pm ET, the value of bitcoin went up above the $28,000 mark. This “leading cryptocurrency” is staying around that point and has gone up more than 37% in the last 7 days. Even in the last 24 hours alone, it’s jumped nearly 3.5%, which is a lot more money for people who own it!
Right now, there are a total of over $42.9 billion spent just buying and selling bitcoin. This number is even more impressive if we include the other digital assets out there – the combined amount of money spent is around $203 billion! Sunday was a wild day for Bitcoin as its price dropped to $27,009 and then went right up to its highest point at $28,422. But it needs another $23.94 billion before coming close to Tesla’s current market capitalization of nearly $570 billion, which would make it tenth-largest asset in terms of value.
All the world’s digital currency values added together are worth $1.18 trillion! Bitcoin was last trading at over $28,000 in June 2022 before something called the Terra blockchain and UST collapsed. Ethereum, which is the second most valuable digital currency, has gone up 1.7% recently and has increased by 24.3% in the last week.
Bitcoin is worth $1.18 trillion, which means it’s more important than other types of digital money like ethereum (which is only worth 18.8%). Tether, BUSD and USD are the three most popular used to buy bitcoin on Sunday. It’s also possible to use other currencies such as KRW, EUR, JPY, USDC and TRY. Bitcoin has passed the landmark amount of $28,000 but in South Korea it could be even higher due to a ‘Kimchi premium’, which means it costs around $200 more for each one there compared to anywhere else in the world.
Do you have any thoughts about why Bitcoin’s price has suddenly gone up recently and how this may affect the whole cryptocurrency market? Let us know in the comments section below.