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MicroStrategy is one of the most popular companies in the cryptocurrency sector, and its chief executive officer is known for his Bitcoin-favored statements.
Eric Balchunas, a senior analyst at Bloomberg, posted that MicroStrategy boasted a staggering trading volume of $8 billion on March 15, outstripping Amazon.
“Microstrategy’s historical volume chart is quite the site, it traded more than Amazon yesterday w/ $8b. Outrageous activity relative to its history. The spillover effect from the spot bitcoin ETFs is an underrated part of this. The equitized btc complex is doing >$20b/day in volume.”
According to claims, the sudden flourishing in the trading volume was seen after MicroStrategy announced the $525 million convertible debt offering at an interest of 0.875% per annum.
The keen interest of MicroStrategy towards Bitcoin and cryptocurrencies has created its image as a prominent Bitcoin holder. As per a recent filing, the company has added 12,000 Bitcoins worth $822 Million.
Despite recent purchases, the company already holds Bitcoin worth billions of dollars. After adding 12k in a recent purchase, MicroStrategy now holds 205,000 Bitcoins, valued at over $14 billion.
As soon as the trading volume of MicroStrategy reached $8 billion, it went into the media as the company was trading at milestones.
Bitcoin 30 Days Performance
In the past 30 days, Bitcoin has created many records; its most discussed achievement is termed its all-time high on March 14, 2024.
As per TradingView, Bitcoin traded in a sideways direction in February 2024, but after February 26, a significant boost in its trading price and volume was observed. At the time of writing, BTC was trading at $68,396 with a monthly spike of 30.89%.
In terms of market capitalization, Bitcoin is the most prominent crypto, holding the first position in the market. It reached above $73k but failed to sustain for a longer time on higher levels and fell below $70k in a few hours.
Will Bitcoin Flourish Further?
Market observers claim that there is a possibility that Bitcoin might grow in the coming weeks as the 4th Bitcoin halving is due in April 2024. The claims for Bitcoin price growth are made after analyzing the price movement after the prior halvings.
After 34 days, 20 hours, and 50 Minutes, the reward to mine a block on Bitcoin will be reduced from 6.25 Bitcoin per block to 3.125 Bitcoin per block.
Market Price Updates
In the past 24 hours, market capitalization has surged by over 1.95%, which was $2.61 trillion as of this writing. Ethereum, the second most prominent cryptocurrency in the market, is trading at $3,688.
The intraday gainers list is led by Book of Meme (BOME), whose price surged over 350%, Jupiter (JUP) at 57%, Pyth Network (PYTH) at 25.36%, Fantom (FTM) at 22% and Sei (SEI) at 20.98%.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
