With every passing trading session, Bitcoin has been creating higher highs. Just a few hours back, it ended up breaching $89.5k, scripting a new peak.
Over the past day, roughly $689.50 million worth of positions were wiped off from the market. Amongst that, $431.76 million were shorts in specific.
BTC helped notch the price of most other assets from the market too, given the high correlation they share.
At press time, the aggregate market valuation was at a multi-month high of $3 trillion, up more than 9% in the last 24 hours.
Dogecoin was the top gainer on the daily timeframe. After registering a 46% rally, it was seen exchanging hands at $0.4126. Other memes like Bonk and Pepe were also up in 20-25% range.
Apart from altcoins, stock prices of companies with exposure to crypto were also seen creating records. Michael Saylor’s MicroStrategy last closed at $340, the highest level it has ever wound up a trading session.
ETF Analyst Eric Balchunas pointed out on X [formerly Twitter] that the stock recorded over $12 billion in volume. This figure was six times higher than the number of JPM or GE shares traded.
Microstrategy is the largest listed corporate BTC holder. Just a day back, the firm announced that it shelled out $2 billion to buy another 27,200 coins. Its total holdings now stand at 279,420 BTC.
Alongside MSTR, even Coinbase’s stock was seen rallying. At press time, it was seen hovering around its Q4 2021 highs. Drawing parallels with MicroStrategy and commenting on the state of affairs, Balchunas elaborated,
“Bitcoin mania [is] taking over the stock market too as Coinbase and Microstrategy are both in the Top 5 most traded stocks today, something I've never seen, only Tesla and Nvidia more. Both [are] up an absurd 18% today. Feels like a craze, at least for the moment.”
