Despite its nickname, Humpday presented no obstacles to the cryptocurrency’s seemingly unstoppable rise. A top cryptocurrency bull made a big move, and the upward momentum of his coin of choice continued accordingly.
Unsurprisingly, investors in altcoins and crypto mining stocks also eagerly followed suit.Flag bearer of the mining sector Marathon Digital Holdings (Mara 10.70%) The stock closed in positive territory by nearly 15%.peer clean spark (CLSK 32.86%) Although it wasn’t far behind with a 14% increase. SOS limited (SOS 12.43%) It outperformed both with an increase of more than 18%.
MicroStrategy continues to pile on Bitcoin
That bull is Bitcoin (BTC 0.58%) Evangelist Michael Saylor, co-founder and executive chairman of a software company micro strategy (MSTR 9.95%). To say that Saylor is fully committed to Bitcoin would be a huge understatement. A few years ago, he and MicroStrategy decided to put almost all of their spare capital (and a lot of debt) into hoarding digital coins.
Fellow Bitcoin bulls rejoiced after Saylor revealed on X (formerly Twitter) on Wednesday that his company had poured in $615.7 million in new funds to buy an additional 14,620 Bitcoins. Will pay attention. This brought his average price per coin to $42,110. He added that as of Tuesday, MicroStrategy held 189,150 Bitcoins.
The company’s total cost was $5.9 billion, with an average price of $31,168 per piece. Considering the coin’s current level, it’s quite a bargain.A quick calculation reveals that MicroStrategy currently has over $2 billion in funding (yes, that’s a billion (with a “b”) unrealized gains on Bitcoin.
These numbers get investors excited. Bitcoin, like many other cryptocurrencies and related cryptoassets, has already experienced considerable growth, and this has only further increased the temperature of an already heated investment in the market.
And as always, where Bitcoin goes, Bitcoin mining stocks follow. Investors are betting that miners, who have stayed the course during the height of this bull market a few months ago and throughout the thin crypto winter, will reap big profits in the future.
2024 could be a very happy new year for the crypto market
Meanwhile, the increasing likelihood of a Federal Reserve rate cut and the initial approval of a crypto spot exchange-traded fund (ETF) remain encouraging. Many expect both events to begin in his early to mid-2024. Personally, I think a rate cut and the approval/deployment of such ETFs has a lot of power to push cryptocurrencies further up. Together, these can be extraordinary market movers.