MicroStrategy’s capitalization hits record high amid Bitcoin’s $70k recovery

Breaking records and making waves in the tech world, MicroStrategy’s market value has skyrocketed to an impressive $31.8 billion, reaching an all-time high.

Did you know that MicroStrategy, a leading company in the business world, has climbed to the 606th spot among the largest companies in the world, based on its market capitalization? And that’s not all – in just one month, its capitalization has skyrocketed by a whopping 135.7%, making it a force to be reckoned with.

CoinMarketCap Data according to year

MicroStrategy’s (MSTR) stock has skyrocketed an astonishing 200% since the start of 2024, reaching a current trading price of $1,880. This marks a staggering increase from its humble $141 price tag at the beginning of 2023.

However, with 10x Research experts sounding the alarm on MSTR’s overvaluation, the question remains: is this growth sustainable or is it a bubble waiting to burst?

Bitcoin’s triumphant rise to $70,000 has sparked a frenzy in the market, with a daily increase of 1.13% in market capitalization. As per CoinMarketCap’s latest data, BTC is now trading at a staggering $71,600.

CoinMarketCap Data

But the real game-changer came when MicroStrategy made a bold move, purchasing a whopping 9,245 BTC worth a jaw-dropping $623 million between March 11 and 18. And that’s not all, their balance sheet now boasts a staggering 214,246 BTC, acquired at an average price of $35,160.

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Revamping its identity, MicroStrategy is set to transform into a pioneering Bitcoin development firm, breaking away from its traditional role of analytical software support.

With a strong focus on the world’s leading cryptocurrency, the company’s visionary founder, Michael Saylor, has declared their steadfast commitment to holding onto their Bitcoin reserves, both in the present and future.

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