On November 21, 2024, Bitcoin's price broke through $97,000, reaching a historic high of $97,628. The driving force behind this surge comes from market expectations of a more favorable cryptocurrency regulatory environment under President Donald Trump's leadership. Bitcoin's price soared by 5.7% in just one week, with a market capitalization surpassing $1.93 trillion. Since the beginning of the year, Bitcoin's price has doubled, injecting strong upward momentum into the market.
Since Trump's election, the cryptocurrency industry has welcomed more supporters and favorable policies. With a new batch of legislators supporting digital assets, the overall market capitalization of cryptocurrency has increased by approximately $900 billion over the year, showing unprecedented growth momentum. Bitcoin's next target is to break the $100,000 mark, and the market outlook remains bright. So, who will benefit from this wave of Bitcoin surging?
MicroStrategy's bold strategy yields huge returns
As Bitcoin's price continues to rise, MicroStrategy (MSTR) stock price responds accordingly. BTIG analysts have raised MicroStrategy's target price from $290 to $570, fully reflecting the company's strong execution of its '21/21 plan'. This plan, launched on October 31, 2024, aims to raise $42 billion to purchase more Bitcoin. So far, MicroStrategy has raised $6.6 billion through stock issuance and purchased 78,980 Bitcoins, increasing its total holdings to 331,200, solidifying its position as the largest corporate holder of Bitcoin.
Investor confidence is at an all-time high, and the stock market performance is remarkable
MicroStrategy's aggressive Bitcoin acquisition strategy has not only significantly increased its Bitcoin reserves but also boosted market confidence in its future growth. Since October 31, MicroStrategy's Bitcoin ratio per share has increased by 20.4%. The company raised $2.6 billion through the issuance of convertible bonds, which is being used to further purchase Bitcoin. Although MicroStrategy's core software revenue has declined due to the shift to cloud services, its steadfast investment strategy and the appreciation of its Bitcoin reserves have led to a 31.11% increase in its stock price over the past week and a 746.64% increase over the past year.
Additionally, Benchmark has raised MicroStrategy's target stock price from $300 to $450, believing that its strategic move to treat Bitcoin as a treasury reserve asset is one of the key factors for optimism about the company's future.
However, risks cannot be ignored. MicroStrategy is currently not profitable and has a high valuation, so investors need to be cautious of the volatility risks in the cryptocurrency market. Nevertheless, its long-term growth potential remains favored by investors.
Bitcoin market heats up: ETF inflows boost price rise
As of the time of writing, the price of Bitcoin has reached a new high of $97,862.64, before slightly retreating to $97,527.03. However, its intraday trading volume surged by 15.20%, reaching $86.73 billion, with a noticeable increase in market activity. Bitcoin's market dominance remains firmly in control, currently at 60.55%, solidifying its leadership position in the cryptocurrency space.
Notably, the significant increase in Bitcoin ETF inflows has become an important driving force for the market's rise. For example, BlackRock's IBIT ETF accounted for $627.7 million of the total inflows this Wednesday, further propelling Bitcoin's upward momentum.
Follow Mr. Qiu to experience the future of Bitcoin and seize the opportunities in cryptocurrency investment!
Behind every wave of market gains, new opportunities are waiting for you. Come and keep up with the pace!
#BTC再创新高97k #聚焦比特币 #BTC何时突破10万？ #比特币ETF期权上线 #非BTC板块市场走势 $BTC $ETH $SOL
