As the senior analyst at CoinDesk, James specializes in Bitcoin and the macro environment. Previously, his role as a research analyst at Swiss hedge fund Saidler & Co. introduced him to on-chain analytics. He monitors ETFs, spot and futures volumes, and flows to understand Bitcoin.
MicroStrategy’s trading volume reached 17.65% of Nvidia's in October, despite its market cap being only 1.5% of the chip giant.Disclosure: The author of this story owns shares in MicroStrategy .
Bitcoin {{BTC}]-holder MicroStrategy’s soaring stock is driving up trading volumes relative to AI-proxy Nvidia , one of the biggest companies by market cap, reflecting heightened investor enthusiasm. MSTR has surged over 240% this year, with prices doubling to $236 in the past five weeks alone, according to data source TradingView. That’s the highest level for the stock since the dotcom bubble 25 years ago. The rally has MSTR closing in on a market cap of $50 billion, barely 1.5% of NVDA’s $3.44 trillion.
However, MSTR’s trading volume, as a percentage against NVDA, has continued to climb this year, reaching a high of 17.65% this month. According toThat’s a significant improvement since the bull market of 2021. Back then, MSTR peaked over $130 on Feb. 9 with a volume of 23.2 million, equating to just 8% of NVDA that day.
An increase in trading volumes alongside a price rally is said to confirm the uptrend. That said, a continued surge in volume relative to NVDA might be telling of a build up of a speculative froth in the market.With a year-to-date gain of over 240%, MSTR has outperformed NVDA’s 192% surge by a big margin.
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