Bitcoin’s price had a fantastic 2023, but it was the actions of Bitcoin companies that stole the show. For example, Coinbase shares are up 426% this year, while Bitcoin miners like Marathon Digital and Riot Platforms are up 721 and 419% respectively. All the increases push the total market capitalization of these companies towards previous record levels.
Bitcoin companies at the top
“The total value of all publicly traded Bitcoin miners plus MicroStrategy. “It’s been a great year for Bitcoin companies and the parties representing the digital currency on the stock markets.” therefore an optimistic Dylan LeClair.
The chart above shows the performance of these companies in terms of US dollars. As you can see, they are close to the all-time high of late 2021, which was reached when Bitcoin reached its interim high of $69,000 in November 2021.
Perhaps even more interesting is the graph below in which we see the value of these companies measured in Bitcoin.
What attracts attention is that together they are worth more and more Bitcoin. What do you think? Will this relationship continue or will the value of these companies in Bitcoin eventually decline?
MicroStrategy teaches Wall Street Bitcoin
If you’ve been in the Bitcoin industry for a while, you’ve undoubtedly heard of MicroStrategy. This publicly traded American company started buying Bitcoin in August 2020 and hasn’t stopped.
Since then, MicroStrategy’s shares have exploded as they manage to raise more and more Bitcoin per share with borrowed money.
Where will MicroStrategy’s market cap end up? It’s hard to predict, but as you can see, things are going well at the moment. They are also on track to reach 210,000 Bitcoins, which would give them 1% of all Bitcoins.
Will MicroStrategy become the richest company in the world?
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
