Bitcoin (BTC) has officially eclipsed its previous all-time high in price, surpassing $73,800 on Tuesday afternoon. The king cryptocurrency has climbed 4% in the last 24 hours, and over 10% in the past 30 days. Bitcoin’s market cap now stands at $1.44 trillion as well, with trading activity in the last 24 hours breaching $57 billion, up by over 68%.
BTC’s latest upward momentum could be due to investors bracing themselves for MicroStrategy’s quarterly earnings. The company’s stock hit an all-time high closing price of $313 on Monday and trades for around $255.34. Microstrategy is one of the most bullish entities in Bitcoin (BTC). The company owns 252,220 as of September 20, 2024. Furthermore, MicroStrategy’s Bitcoin investment now sits at a $8,400,000,000 unrealized profit.
MicroStrategy’s Bitcoin accumulation strategy has been huge for its success this year. However, so too has investment into the company. Indeed, $10 trillion asset manager BlackRock recently upped its investment into the company. Specifically, its stake in MSTR was increased to 5.2%, showing the clear class of institutional interest that the firm is generating.
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Bitcoin is currently at its most bullish state since the launch of Spot Bitcoin ETFs earlier this year. The BTC ETF market in the United States has grown exponentially since its approval in early 2024, and holdings of the leading crypto continue to rise. According to Bloomberg ETF analysts, US spot ETFs are scheduled to hit 1 million Bitcoin held by next Wednesday and perhaps eclipse Satoshi Nakamoto’s total holdings of 1.1M Bitcoin by December. Bloomberg Analyst Eric Balchunas reported Tuesday morning that US Bitcoin ETFs have been adding about 17,000 Bitcoin a week, already surpassing Binance’s total BTC holdings.
Bitcoin Expected To Continue Rising Through Next Month
It is also expected that Bitcoin’s growth will breach $80,000 in a matter of days. After the US Election, the coin could surge even further, especially if Republican Nominee Donald Trump wins the US presidency. Trump has been nicknamed the “crypto president” candidate for his pro-crypto ideas and support of the industry.
According to the analysts at CoinCodex, Bitcoin’s (BTC) price will continue its upward momentum over the next few weeks to further all-time highs. The platform anticipates the asset to hit a new all-time high of $76,107 on October 31. Hitting $76,107 from current price levels will translate to a rally of about 7.15%. CoinCodex analysts further predict BTC will breach the $90,000 level in November, hitting $93,951 on November 27.
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At press time, Bitcoin is trading at $72,856.98.