U.Today -, the first and largest cryptocurrency by market capitalization has crossed $98,000, a new all-time high.
Among those celebrating Bitcoin’s spectacular rise is Michael Siler, chairman and cofounder of MicroStrategy, a long-time supporter of the cryptocurrency.
In a tweet, Sailer wrote, “We’re going to need a bigger rocket. Bitcoin,” perfectly capturing the excitement of the moment.
For MicroStrategy, which bills itself as the world’s first and largest bitcoin treasury company, this validates its bold investment strategy. As of November 18, MicroStrategy acquired 331,200 BTC for about $16.5 billion, at about $49,874 per bitcoin.
Bitcoin has surpassed $98,000.
Bitcoin crossed the $98,000 mark for the first time on Thursday, the fourth straight day of gains. According to CoinMarketCap data, the price of bitcoin last rose more than 3% to $97,508. Earlier, it had reached $98,370.
Cryptocurrency exchange Coinbase (NASDAQ: ) stock rose 3% in premarket trading, while MicroStrategy, which trades as a Bitcoin proxy, rose 11%. The stock also rose, with Mara Holdings up 9 percent.
Bitcoin has consistently set new records since the start of November, albeit in smaller increments.
This most recent rise in prices may be due to the rise in funding rates and open interest on the futures market during the Asian trading day. At the same time, spot market premiums declined, according to CryptoQuant Data.
Bitcoin’s recent price surge sparked a wave of short liquidations, with a total of more than $95 million in the past 24 hours, according to CoinGlass, the overnight price increase. The entire cryptocurrency market saw a liquidation of $495 million. Bitcoin has increased by more than 130% in 2024.
This article was originally published on U.Today.
