Microstrategy is back up 10% on Wednesday as Bitcoin (BTC) regains momentum during trading hours. BTC is back rallying as it seeks to make back this week’s losses and climb nearer to $100,000.
There is little argument that 2024 has been the biggest year in Bitcoin’s history. Not only did it completely change US investments into cryptocurrencies becoming the first digital asset-based ETF, but it has also surged in institutional investment interest. Moreover, it has skyrocketed in value, setting continued all-time highs. MicroStrategy has ridden the BTC train as well, with MSTR stock surging 517% YTD.
MSTR has consistently increased its Bitcoin holdings over the last several months. To date, the firm holds a remarkable 386,700 BTC acquired for $21.9 billion. On average, the firm has made nearly 100% profit per Bitcoin thanks to earlier purchases.
Also Read: Bitcoin: Data Says BTC Has 50% Chance to Hit $100k by Year-End
Last week, MicroStrategy stock saw $136 billion in volume. Investors have been flocking to MSTR, with price predictions growing week by week. A total of $205 million was liquidated from the cryptocurrency market during the weekend, causing Bitcoin to dip. However, the overall markets remain in bullish territory, and Bitcoin could hit $100,000. Upon breaching $100k for the first time, MSTR stock could surge further.
Bitcoin options data shows that the king coin has a 50% chance of reaching $100k by the end of the year. Indeed, almost half of BTC options traders have bet on the landmark price point to be achieved before 2025 arrives. That has continued despite the recent correction that has seen the leading crypto fall below $96,000.