Bitcoin, Ethereum, Dogecoin Rise As Saylor's MicroStrategy Bags $37M Worth BTC: On-Chain Analyst Says Strong 'Holder Sentiment' Prevails After $1.22B Worth of ETH Exit Crypto Exchanges

Major cryptocurrencies surged on Tuesday evening following an announcement from MicroStrategy Inc MSTR, the largest publicly traded holder of Bitcoin.

What Happened:  The company revealed that it had acquired an additional 850 BTC in January, boosting its total holdings to 190,000 BTC, with an estimated worth of $8.1 billion. 

In the business software firm’s Q4 2023 Feb. 6 earnings call, the chief financial officer, Andrew Kang, revealed that the company procured 56,650 BTC throughout 2023 at an average price of $33,580.

According to MicroStrategy’s executive chairman, Michael Saylor, the company’s performance in 2023 can be attributed to investors recognizing the broader theme of a “digital transformation” of assets.

Saylor emphasized, “2024 is the year of the birth of Bitcoin as an institutional-grade asset class, in fact, it's the first new asset class of the modern era.”

Top Gainer (24 Hour)

The global cryptocurrency market cap now stands at $1.66 trillion, showing a 1.24% increase in the past 24 hours.

Stocks made gains on Tuesday as Wall Street evaluated the latest corporate earnings and the Federal Reserve’s rate cuts timetable. The S&P 500 climbed 0.23% to close at 4,954.23, the Nasdaq Composite showed a slight increase of 0.07%, reaching 15,609.00, and the Dow Jones Industrial Average surged by 141.24 points, or 0.37%, to finish at 38,521.36.

In the cryptocurrency realm, Coinbase Inc COIN stock experienced a growth of over 2%, while Microstrategy's stock saw an increase of 1.8% in the last 24 hours. Additionally, Riot Platforms RIOT and Marathon Digital MARA, the major players in bitcoin mining, rose by 4% and 3% respectively.

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Analyst Notes: Cryptocurrency analyst, Michael Van de Poppe said Bitcoin remains in between levels. "This means that there’s still a period of consolidation, from which I think that Ethereum is going to start outperforming, especially if the upgrades are going to be a success. Pre-halving perhaps $48K."

Pseudonymous crypto analyst Daan Crypto Trades said, "ETH It’s about time for some long due Ethereum outperformance vs BTC I would say. Just a question of when this makes its higher low and when it can break above the Daily 200MA/EMA (and hold there). I do like the risk/reward."

Cryptocurrency analyst and trader Ali Martinez has reported that hundreds of thousands of Ethereum are being withdrawn from crypto exchanges. 

"In the past three weeks, nearly 510,000 ETH have been withdrawn from known crypto exchange wallets, totaling a value of approximately $1.22 billion! This significant outflow indicates a strong Ethereum holder sentiment and potentially less selling pressure in the market."

Photo by Igor Faun on Shutterstock

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