🔥 BTC Surpasses Silver’s Market Cap, MSTR Hits 24-Year Record High
posted 12 Nov 2024
On November 12, Bitcoin surged toward the $90,000 mark, though it hadn't crossed it at the time of this writing. That day, BTC's market cap also surpassed that of silver, which is valued at around $1.72 trillion.
This impressive rise triggered the liquidation of short positions totaling over $430 million in a single day, as reported by CoinGlass.
MicroStrategy (MSTR), the company led by Michael Saylor and known for its significant Bitcoin holdings, also saw a substantial increase. Its stock price soared more than 25% in one day, reaching $340—surpassing the previous all-time high (ATH) set 24 years ago during the dot-com bubble.
MicroStrategy Stock Price Chart. Source: Google
This rise followed news that MicroStrategy acquired an additional 27,200 BTC for around $2.03 billion at an average price of $74,463, as discussed in our recent article on insights from Standard Chartered and Bernstein.
Additionally, U.S. crypto ETFs saw major inflows. Spot BTC ETFs recorded approximately $1.11 billion in net inflows on November 11, according to SoSoValue. Spot ETH ETFs also saw renewed activity, posting $295 million in net inflows that same day.
In an intriguing remark, Rich Dad Poor Dad author Robert Kiyosaki shared on X that he plans to keep buying BTC until it surpasses $100,000, while cautioning followers against overindulgence.
Then I will stop. Not a time to get greedy. Always remember….hogs get fat…pigs get slaughtered. Don’t be a pig,Kiyosaki wrote.
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