MicroStrategy Overtakes Bitcoin With 1,208% Gains: Report

Published by

Zameer Attar

October 9, 2024

MicroStrategy, the largest corporate Bitcoin (BTC) holder, is gaining significant attention from crypto enthusiasts not just for its continuous BTC acquisitions but for its impressive returns, which have outperformed Bitcoin. Despite the ups and downs in price due to market uncertainty, BTC has struggled to gain momentum. Meanwhile, MicroStrategy (MSTR) has shown consistent growth over the past four years.

MircoStrategy Beat Bitcoin

On October 8, 2024, the on-chain analytics firm CryptoQuant made a post on X (previously Twitter) that since mid-2020, MSTR has registered a significant price surge of over 1,208%, while BTC has registered a gain of only 445%. However, MSTR’s growth began when MicroStrategy started purchasing BTC.

MircoStrategy’s Bitcoin Holding

Since August 2020, MicroStrategy has purchased 252,220 BTC at an average price of $39,266 totaling nearly $15.85 billion. However, with BTC currently trading around $62,250, MicroStrategy is making a profit of $22,985 per Bitcoin.

CryptoQuant noted that the MSTR behaved like a leveraged version of Bitcoin during the bullish phase. In recent years, MSTR has reached several all-time highs, with its stock price soaring significantly.

With an impressive price surge of over 3.3%, MSTR has reached $196.2. It is just 2% away from its all-time high.

MSTR Technical Analysis and Key Levels

According to expert technical analysis, MSTR appears bullish as it has broken out of a six-month consolidation zone. Since March 2024, the stock price has been consolidating in a tight range between $110 and $185.

With today’s price surge of over 3.3%, it has broken out of that zone and closed a daily candle above it, which is considered a bullish signal for the MSTR holders. There is a strong possibility that the stock price may soar significantly in the coming days.

However, MSTR’s Relative Strength Index (RSI) is currently in the overbought zone, suggesting a potential price correction or decline in the near future.

Also Read :
Decision Time for Bitcoin- Will it Break & Reclaim $66,000 or Drop Below $60,000?
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Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.