MicroStrategy Hits All-Time High After Bitcoin Tops $98,000

MicroStrategy (MSTR) opened to another record high on Thursday as the price of Bitcoin itself rose to a new high above $98,000. But MSTR soon fell over 18% before recovering, with such volatility arriving as Wall Street adjusts to massive expectations for crypto stocks, fueled by Bitcoin’s post-election surge.

Similar declines appeared to affect other Bitcoin-related stocks on Thursday morning. Bitfarms (BITF), the Bitcoin mining company, is down 6% at $2.06 at the time of writing. Canaan ( CAN ), a leading producer of Bitcoin mining infrastructure, fell 3% to $1.62. Crypto exchange Coinbase is also down almost 5% on the day to a current price of $305.

MicroStrategy, which owner over 331,000 BTC – 1.58% of the token’s total possible supply – have enjoyed a monster rally since the world’s top cryptocurrency began surging earlier this month. Since Donald Trump’s re-election just under two weeks ago, the share has more than doubled in price and has passed new all time highs on several occasions.

On Thursday morning, MSTR did it again, breaking past $535 before falling over 18%. In short order, however, the stock rebounded to a price of $475 — about where it closed on Wednesday.

This whiplash price action is likely due to the frantic excitement – ​​and sky-high expectations – that Bitcoin’s current historic rally is creating on Wall Street.

For nearly two weeks now, it seemed that nothing could stop the crypto asset, which continues to soar past record highs. Since Trump’s victory, which seems to be only good news for cryptos regulatory assets and Bitcoins integration with the US economy, BTC is up over 38%.

On Thursday morning, BTC briefly eclipsed $98,000 for the first time ever, setting a new all-time high of $98,310, per data from CoinGecko. Anticipation of the token breaking past the long fabled $100,000 barrier may have had something to do with crypto stocks like MSTR rising early in the morning.

Alas, BTC then fell a bit, staying just shy of its latest milestone target – at least for now. The coin currently sits at $97,091.

Edited by Andrew Hayward