As a researcher with a decade of experience in the financial markets, I have seen my fair share of market volatility and trends. However, the recent surge in the price of Bitcoin and the corresponding rise in the shares of crypto-native companies is truly captivating.
Crypto-centric firms saw their stocks rise as the price of Bitcoin, the leading digital currency, exceeded $68,000.
1) Shares for MicroStrategy Inc. (MSTR), the company with the most Bitcoin holdings among corporations, have increased significantly by 6.6%. Meanwhile, Coinbase Global Inc. (COIN), a prominent U.S.-based cryptocurrency trading platform, has experienced a rise of 5.4% as well.
Marathon Digital (MARA) and Riot Blockchain (RIOT), the leading Bitcoin mining companies, are experiencing gains (3.78% for MARA and 5.76% for RIOT specifically).
At 14:14 UTC, the cost of the main digital currency peaked at a daily maximum of $68,490 on the Bitstamp trading platform.
Today’s price of Bitcoin marks its highest point since July 29. On that day, it reached an impressive $70,016, yet the buying momentum didn’t last long for the bulls.
On August 5th, Bitcoin’s price plummeted significantly after encountering a severe rejection at approximately $70,000 on the Bitstamp exchange, leading to a fall as low as $49,577, representing almost a 30% downward adjustment.
In the world of crypto, after experiencing a 8.74% dip in August, I was pleasantly surprised to see Bitcoin defy expectations and gain an impressive 7.35% in September. Normally, September is considered the most bearish month for Bitcoin, but it seemed to outperform this trend this year.
Initially, Bitcoin showed a lackluster performance at the start of October. Yet, the optimistic investors successfully regained momentum throughout the month, ultimately driving Bitcoin to its highest point since late July.
Currently, the “Fear and Greed” index stands at a high of 73 out of 100, edging towards the region where “extreme greed” is prevalent.
CME Bitcoin futures open interest has also reached a new all-time high.
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2024-10-20 17:50