Bitcoin Ascends to AU$82,739 (US$54,000) Milestone Amidst Halving Anticipation

Marking a significant moment since 2021, Bitcoin (BTC) has gracefully revisited the AU$82,739 (US$54,000) domain, peaking at AU$83,800 (US$54,627). Currently, Bitcoin's market capitalization boasts a robust AU$1.62 trillion (US$1.06 trillion), making up 51.2% of the total AU$4.15 trillion (US$2.06 trillion) crypto economy. Now sitting as the world's tenth-largest asset by market cap, BTC is in close contention with Meta's formidable valuation of AU$1.88 trillion (US$1.23 trillion).

As we ushered in the morning, Bitcoin's trading volume was recorded at AU$22.31 billion (US$14.57 billion), which significantly rose to AU$37.66 billion (US$24.59 billion) by the afternoon. Within the crypto market's total 24-hour trading volume of AU$116.33 billion (US$76.06 billion) on Monday, Bitcoin's trades constituted a substantial 32.32%. A granular look into a four-hour window unveils that AU$57.24 million (US$37.4 million) worth of Bitcoin short positions were liquidated, propelling the price from AU$81,090 (US$53,000) to AU$82,739 (US$54,000). The last occasion Bitcoin soared above the AU$82,739 mark was on Nov. 28, 2021.

At present, Bitcoin's valuation stands only 21.5% below its historic zenith of US$69,044 per unit, logged on Nov. 10, 2021. This bullish trend coincides with the buildup to Bitcoin's network reward halving, anticipated in under two months. Historically, halving years have been favourable for Bitcoin's valuation, and the year 2024 is seemingly upholding this pattern. 

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