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MicroStrategy's MSTR stock saw higher trading volumes than Tesla (TSLA) and Nvidia (NVDA) shares yesterday and its price rose more than 10% in the last 24 hours as bitcoin (btc) sets a new all-time high (ATH ) above. $97,000.
According to Bloomberg ETF analyst Eric Balchunas, MSTR was “the most traded stock in the United States” yesterday, adding that it saw more trading activity than TSLA and NVDA. “It's been years since a stock has traded in more than one of those two,” he said in a Nov. 20 article. <a target="_blank" href="https://x.com/EricBalchunas/status/1859278500399620528″>mail.
MicroStrategy Market Cap Soars to $100 Billion After MSTR Jumps 10%
In addition to yesterday's increase in trading volume, MicroStrategy's market capitalization also surpassed $100 billion. Since then, the company's valuation has undergone a slight correction. Despite this pullback, MSTR was still up 10% to trade at $473.83 at 2:14 a.m. EST, according to <a target="_blank" href="https://www.google.com/finance/quote/MSTR:NASDAQ?sa=x&sqi=2&ved=2ahUKEwjp-qPy3uyJAxXbZ0EAHYQACkcQ3ecFegQIJxAf”>Google Finance data.
This recent increase in MSTR value has closed the gap between MicroStrategy market capitalization and that of the 60+ year old semiconductor titan, Intel. Data from Google Finance shows that Intel's market capitalization exceeds $103.56 billion. This after the company's shares, INTC, registered a drop of less than 1% in the last 24 hours.
bitcoin rises to a new all-time high
The trading frenzy around the growing market cap of MSTR and MicroStrategy coincides with a continued rise in the price of btc. Known for being by far the largest corporate holder of bitcoin, MicroStrategy's aggressive accumulation of the leading cryptocurrency is paying off.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”11.8828125″>
Given the high demand, we expanded our <a target="_blank" href="https://twitter.com/search?q=%24MSTR&src=ctag&ref_src=twsrc%5Etfw”>$MSTR offered 0% convertible notes due 2029 of $1.75 billion to $2.6 billion, including a $400 million greenshoe option, and priced it at a 55% conversion premium.
—Michael Saylor (@saylor) <a target="_blank" href="https://twitter.com/saylor/status/1859234037186904238?ref_src=twsrc%5Etfw”>November 20, 2024
Earlier in today's trading session, btc posted a new ATH of $97,862.64. It has since retreated slightly, but is still in the green by more than 7% and more than 43% over the last week and month, respectively. bitcoin's dominance has also risen to over 60% as the rest of the cryptocurrency market struggles to keep up with the flagship cryptocurrency's gains.
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