Microstrategy’s MSTR Beats Tesla And Nvidia Shares In Daily Trading Volume, Pumps 10% As Bitcoin Breaks $97K For New All-Time High
2024
2024
BTC
DAILY
FOMO
MicroStrategy’s MSTR stock recorded higher trading volumes than both Tesla (TSLA) and Nvidia (NVDA) shares yesterday and saw its price pump more than 10% in the last 24 hours as Bitcoin (BTC) sets a new all-time high (ATH) above $97K.
According to Bloomberg ETF analyst Eric Balchunas, MSTR was “the most traded stock in America” yesterday, adding that it experienced more trading activity than both TSLA and NVDA. “It’s been years since a stock has traded more than one of those two,” he said in a Nov. 20 X post.
MicroStrategy Market Cap Soars To $100 Billion After MSTR Surges 10%
In addition to the surge in trading volume yesterday, MicroStrategy’s market cap also topped $100 billion. The company’s valuation has since undergone a slight correction. Despite this pullback, MSTR is still up 10% to trade at $473.83 as of 2:14 a.m. EST, according to Google Finance data.
This recent surge in MSTR’s value has closed the gap between MicroStrategy’s market cap and that of the more than 60-year-old semiconductor titan, Intel. Google Finance data shows that Intel’s market cap stands at over $103.56 billion.This is after the company’s shares, INTC, recorded a less than 1% drop in the last 24 hours.
Bitcoin Soars To A New All-Time High
The trading frenzy around MSTR and MicroStrategy’s rising market cap coincide with a continued rise in BTC’s price. Known for being the largest corporate holder of Bitcoin by far, MicroStrategy’s aggressive accumulation of the leading crypto is paying off.
Given high demand, we upsized our $MSTR offering of 0% convertible bonds due 2029 from $1.75 billion to $2.6 billion, including a $400 million greenshoe option, and priced it at a 55% conversion premium.
— Michael Saylor⚡️ (@saylor) November 20, 2024
Earlier in today’s trading session, BTC posted a new ATH of $97,862.64. It has since retraced slightly, but remains more than 7% and over 43% in the green over the last week and month, respectively. Bitcoin’s dominance has also risen to more than 60% as the rest of the crypto market struggles to keep up with the flagship crypto’s gains.
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