The post MicroStrategy Overtakes Bitcoin With 1,208% Gains: Report appeared first on Coinpedia Fintech News
MicroStrategy, the largest corporate Bitcoin (BTC) holder, is gaining significant attention from crypto enthusiasts not just for its continuous BTC acquisitions but for its impressive returns, which have outperformed Bitcoin. Despite the ups and downs in price due to market uncertainty, BTC has struggled to gain momentum. Meanwhile, MicroStrategy (MSTR) has shown consistent growth over the past four years.
MircoStrategy Beat Bitcoin
On October 8, 2024, the on-chain analytics firm CryptoQuant made a post on X (previously Twitter) that since mid-2020, MSTR has registered a significant price surge of over 1,208%, while BTC has registered a gain of only 445%. However, MSTR’s growth began when MicroStrategy started purchasing BTC.
MircoStrategy’s Bitcoin Holding
Since August 2020, MicroStrategy has purchased 252,220 BTC at an average price of $39,266 totaling nearly $15.85 billion. However, with BTC currently trading around $62,250, MicroStrategy is making a profit of $22,985 per Bitcoin.
CryptoQuant noted that the MSTR behaved like a leveraged version of Bitcoin during the bullish phase. In recent years, MSTR has reached several all-time highs, with its stock price soaring significantly.
With an impressive price surge of over 3.3%, MSTR has reached $196.2. It is just 2% away from its all-time high.
MSTR Technical Analysis and Key Levels
According to expert technical analysis, MSTR appears bullish as it has broken out of a six-month consolidation zone. Since March 2024, the stock price has been consolidating in a tight range between $110 and $185.
With today’s price surge of over 3.3%, it has broken out of that zone and closed a daily candle above it, which is considered a bullish signal for the MSTR holders. There is a strong possibility that the stock price may soar significantly in the coming days.
However, MSTR’s Relative Strength Index (RSI) is currently in the overbought zone, suggesting a potential price correction or decline in the near future.
The post MicroStrategy Overtakes Bitcoin With 1,208% Gains: Report appeared first on Coinpedia Fintech News
MicroStrategy, the largest corporate Bitcoin (BTC) holder, is gaining significant attention from crypto enthusiasts not just for its continuous BTC acquisitions but for its impressive returns, which have outperformed Bitcoin. Despite the ups and downs in price due to market uncertainty, BTC has struggled to gain momentum. Meanwhile, MicroStrategy (MSTR) has shown consistent growth over …
This articles is written by : Nermeen Nabil Khear Abdelmalak
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