Strategy Hits All-Time High Market Cap After Bitcoin Rally

Michael Saylor’s Strategy hit its highest-ever market capitalization yesterday, as a surging BTC rally revives risk appetite across crypto markets.

MSTR shares ended the day at $455.90, capping a 21% gain over the past month, according to Google Finance. The firm, led by Bitcoin evangelist Saylor, holds 601,550 BTC, making it the biggest corporate holder of the king of cryptos.

MSTR shares are trading at $118,345 as of early Wednesday, roughly 4% below their all-time high of $123,091 set on July 14. While the Bitcoin price action is muted today, the broader rally has lifted the total crypto market cap by 14% this month, TradingView data shows.

That momentum is feeding through to sentiment indicators. The Crypto Fear and Greed Index is at 74, signaling “Greed,” while CoinMarketCap’s Altcoin Season Index has surged 17 points over the past month, showing that capital is rotating back into higher-risk plays.

Bitcoin Hovers Near ATH As Risk-On Sentiment Returns 

Bitcoin trades at $118,021.86 as of 3:24 a.m. EST, just over 4% shy of the $123,091.61 ATH that it set on July 14. This is after BTC surged more than 10% over the past month, coinciding with the MSTR rally during the same period.

Bitcoin’s soaring price has boosted the overall crypto market. TradingView data shows the total capitalization for the digital asset sector (TOTAL) has soared 14% this month. 

Monthly chart for TOTAL (Source: TradingView)

All of that points to improving sentiment toward risk-on assets such as cryptos.

Dollar Falls As Trump Talks Tough On Tariffs, Powell

The improving risk-on sentiment comes after the US Dollar Index (DXY) dropped over 10% in the last month and despite President Donald Trump talking tough on trade tariffs.

Trump has enforced a 10% baseline tariff on all US trading partners, and has already sent around 2 dozen letters to individual trading partners, including the European Union, Japan, and South Korea, warning that new tariffs that will come into effect for them on Aug. 1.

He also plans to tell 150 smaller countries what rates they will face in a single letter, Politico reported. 

Meanwhile, markets breathed a sigh of relief yesterday when Trump said it was ”highly unlikely” that he would fire Federal Reserve Chair Jerome Powell.

🚨 BREAKING: President Trump has drafted a letter to FIRE Jerome Powell, per NYT

Man, I REALLY hope this is true.

Send it, @realDonaldTrump! 🔥 pic.twitter.com/4LxLQCAR2p

— Nick Sortor (@nicksortor) July 16, 2025

That came after the dollar plunged and long-term Treasury yields soared on reports that a White House official had said that Trump would likely soon seek to remove Powell.

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