- Bitcoin reached a record $97,370, marking over 130% growth in 2024.
- MicroStrategy holds 331,200 BTC, validating its long-term Bitcoin strategy.
- Liquidations exceeded $495M as rising funding rates propelled Bitcoin’s surge.
Bitcoin, the world’s largest cryptocurrency by market capitalization, has reached an all-time high of over $97,000. This milestone underscores Bitcoin’s resilience and growing market interest in 2024, with its price increasing by more than 130% this year. According to CoinMarketCap, Bitcoin recently traded at $97,035, supported by strong market activity and rising funding rates.
MicroStrategy’s Bitcoin Strategy Gains Validation
MicroStrategy, known as the largest corporate Bitcoin holder, has seen its bold investment strategy validated by this record-breaking surge. The company holds 331,200 BTC, acquired for $16.5 billion at an average price of $49,874 per coin. Chairman Michael Saylor, a prominent Bitcoin advocate, celebrated the event on social media, highlighting the company’s confidence in Bitcoin’s long-term potential.
Market Reacts to Bitcoin’s Growth
The impact of Bitcoin’s surge was evident across the market. MicroStrategy’s stock gained 11%, while other Bitcoin-linked stocks, including Coinbase and mining firms like Mara Holdings, saw increases of 3% and 9%, respectively, in premarket trading. The broader cryptocurrency market also experienced significant movement, with over $495 million liquidated in the past 24 hours.
Bitcoin’s price movement can be attributed to rising funding rates and open interest in the futures market, particularly during the Asian trading session. Data from CryptoQuant revealed a decline in spot market premiums during this period, reflecting increased institutional activity. Additionally, the wave of short liquidations, totaling $95 million, fueled the upward momentum, pushing Bitcoin to new heights.
Bitcoin’s surge to over $98,000 marks a defining moment for the cryptocurrency market. It reflects growing institutional interest, heightened investor confidence, and strategic corporate adoption by firms like MicroStrategy. This milestone solidifies Bitcoin’s position as a dominant force in the financial world.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
