The largest digital asset, Bitcoin (BTC) is on much awaited upward run as it broke the $37k price level for the first time since April 2022. The ongoing BTC price surge movement has eventually spread positive sentiments in the crypto market. However, Speculation of the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin Exchange-traded fund (ETF) is driving the market ahead.
Bitcoin beats traditional assets
Michael Saylor, former CEO of MicroStrategy shared a graphic depicting the astonishing performance of Bitcoin since August 10, 2020, the time when Microstrategy adopted the BTC strategy. As per the data, BTC has surged by major 214%, while the S&P 500 jumped by 31%. However, the Nasdaq is up by just 26% in the same period.
On the other hand, Gold slipped by 3% since August 10, 2020. While, Silver and bonds were dumped by 20% and 23%, respectively.
Continuing its staggering surge, Bitcoin price is up by 124% on the year to date (YTD) basis. It is trading at an average price of $37,144, at the press time. It is holding at a 24 hour trading volume of around $18 billion. BTC’s market cap stands at around $725 billion.
If we take a look at S&P, the index that closed at 3,333.69 on August 10, 2020, now stands at 4,415 on 11 November. Data depicts that the Nasdaq composite slipped to trade at 13,290.78 on August 10, 2020. However, its index now stands at 13,798.
MicroStrategy’s Bitcoin strategic moves
As per the data, MicroStrategy Inc (NASDAQ: MSTR) is up by 251% on a year to date basis. It is trading at $509.18, at the press time. As of now October 31, 202, MicroStrategy is holding more than 158k Bitcoin. The report reveals that the corporation holds BTC at a total cost of $4.69 billion. It should be noted that MicroStrategy is planning to purchase more Bitcoins.
Less than a year ago MicroStrategy was down by 50% on its Bitcoin holdings. However, the corporation is up by 25%. It might not look good on a return on investment (ROI) basis but if you look at the amount of MSTR holding, it completely presents a different picture.
