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Bitcoin, the first and largest cryptocurrency by market capitalization has surpassed $98,000, marking a new all-time high. 

Among those celebrating Bitcoin's spectacular surge is MicroStrategy's chairman and cofounder Michael Saylor, a long-time advocate of the cryptocurrency.

In a tweet, Saylor wrote, “We’re going to need a bigger rocket. Bitcoin,” perfectly capturing the excitement of the moment.

For MicroStrategy, which touts itself as the world's first and largest Bitcoin treasury company, this implies a validation of its bold investment strategy. As of Nov. 18, MicroStrategy held 331,200 BTC acquired for about $16.5 billion at nearly $49,874 per Bitcoin.

Bitcoin surpasses $98,000

Bitcoin surpassed the $98,000 mark for the first time on Thursday, marking the fourth day of increases. Bitcoin's price last increased by more than 3% to $97,508, according to CoinMarketCap data. Previously, it reached as high as $98,370.

Cryptocurrency exchange Coinbase stock gained 3% in premarket trading, while MicroStrategy, which trades as a Bitcoin proxy, rose 11%. Mining stocks increased as well, with Mara Holdings up 9%.

Bitcoin has consistently set new records since the start of November, though in smaller increments. 

This most recent price increase might have been prompted by an increase in funding rates and open interest on the futures market during the Asian trading day. Around the same time, spot market premiums decreased, according to CryptoQuant data.

Bitcoin's recent price gains spurred a wave of short liquidations, totaling more than $95 million in the last 24 hours, according to CoinGlass, propelling the price higher overnight. The entire cryptocurrency market saw $495 million in liquidations. Bitcoin has increased by more than 130% in 2024.