On Tuesday evening, a short bull rally was experienced in the crypto market after MicroStrategy announced it had acquired an additional 850 Bitcoins worth $37 million. The crypto market increased in price after Bitcoin touched the $43,300 level, Ethereum touched the $2,377 mark, and Dogecoin managed to hit the $0.078 mark.
On February 6, Andrew Kang, the Chief Finance Officer, announced that MicroStrategy has acquired 55,650 Bitcoins as of 2023 at a price of $33,500. MicroStrategy is currently the largest Bitcoin holder, acquiring 190,000 Bitcoins estimated to be worth $8.1 billion in total. as it just announced in their Q4 Financials.
Michael Saylor, the executive chairman of the Software Firm, emphasized that “2024 is the year of the birth of Bitcoin as an institutional-grade asset class; it’s the first new asset class of the modern era.” Moreover, he said that “2023 performance was largely affected by the fact that investors have recognized the broader theme of a “digital transformation” of assets.
On the other side of the coin, Bitcoin witnessed a volatile market Tuesday evening when the market rallied above the $43,000 mark, surging to hit the $43,317 mark as of midnight ET time. The crypto king managed to record an increase of 0.45% over the last 24 hours. Bitcoin is trading at $43,022 as of writing time.
Moreover, the Ethereum market is showing a bullish sentiment after the coin traded above the $2,350 mark last evening. If the market remains as promising as it seems, the level that the bulls are eyeing is above the $2,500 mark. Currently, Ether is trading at the $2,365 mark, with an increase of 1.19% over the last 24 hours.
Comparing BTC and Ether, analyst Michael Van de Pope suggests that Ether might outperform Bitcoin if the upgrade and Ethereum ETF are approved by the SEC. However, the halving of Bitcoin might lead to the outshine of Ethereum, although the FED rate cuts might influence the BTC price. Overall, the cryptocurrency market managed to escalate higher, gaining a 1.24% increase over the last 24 hours since the MicroStrategy news that positively influenced the market.
Find out more about Mitcrostrategy’s Bitcoin gamble here: Michael Saylor’s MicroStrategy Scoops Up More Bitcoin To Increase Its Holdings To 190,000 BTC