Bitcoin price tops $ 48,000 pushing MicroStrategy stock to 20-year high

The price of bitcoin this morning set a new record high above $ 48,000. The growth is taking place against the background of Tesla’s announcement of the purchase of cryptocurrency and over the past day is 23.5%. At the time of publication, the price continues to rise and has already exceeded its overnight peak.

Against this background, the volume of active positions in bitcoin futures also reached a new all-time high of $ 15 billion.

Funding rates on many exchanges are about 0.15%, indicating a strong predominance of marginal long positions. This means that now a record amount of funds is put on a further rise in the price of bitcoin, but on the other hand, it can become the basis for a squeeze and restart the market when it decides to make a reversal. However, so far the momentum shows no signs of slowing down.

At the same time, the market capitalization of Bitcoin exceeded Tesla’s own capitalization. MicroStrategy, which has invested more than $ 1 billion in cryptocurrency since last August, has hit a 20-year high above $ 1,000. When bought in August, it was worth about $ 120.

Brian Kelly, the founder of the investment company BKCM, told CNBC that Tesla would make it clearer the path that MicroStrategy has paved for the corporate distribution of bitcoin. LMAX Digital strategist Joel Krueger shares the same view: “We believe this is just the beginning of a much wider spread among established institutional players who are finally ready to connect with the cryptocurrency space.”

“The massive spread of cryptocurrencies is happening in front of our eyes and in front of the whole world right now,” said Maty Greenspan, CEO of Quantum Economics.

Galaxy Digital founder Mike Novogratz admitted that bitcoin’s price could more than double to $ 100,000 by the end of the year: “You’ll see every company in America do the same. It doesn’t take much. It is important to send a message. You see the crowd is already here and they keep coming. Now here is the richest man in the world, as well as one of the most high-profile stories. “

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