Bitcoin Price Surge Boosts Bitcoin-Related Stocks to New Highs
The recent surge in the price of Bitcoin has resulted in a significant boost for Bitcoin-related stocks. Companies such as Coinbase and MicroStrategy have seen their stock prices reach new multiweek highs.
Bitcoin Mining Stocks Benefit from BTC Price Momentum
Bitcoin mining stocks have experienced substantial gains due to the upward momentum of Bitcoin’s price. Riot Blockchain, a United States-listed company, saw its stock surge by 11.69%, while Marathon Digital Holdings witnessed a 14.6% increase. The upcoming halving event, which will reduce the mining reward for Bitcoin, likely contributed to this price increase.
Mining Stocks Outperform Bitcoin in YTD Gains
In addition to outperforming Bitcoin in the recent rally, Bitcoin mining stocks have also surpassed the cryptocurrency in terms of year-to-date (YTD) gains. Cipher Mining has achieved a YTD increase of 356%, compared to Bitcoin’s 86% YTD gains. Riot Platforms has seen a 163.10% YTD increase, and Northern Data has experienced a growth of 291.40%. Other mining companies like Hut 8 Mining, Iris Energy, Bitfarms, Marathon Digital, and Hive Technologies have also registered over 100% growth in 2023.
Bitcoin-Centric Firms Reach Multiweek Highs
Aside from public Bitcoin mining companies, other Bitcoin-centric firms like Coinbase and MicroStrategy have also reached multiweek highs in their stock prices. At the time of writing, Coinbase’s stock was up by 3.42%, while MicroStrategy recorded a 9% surge on the daily charts.
Hot Take: Bitcoin-Related Stocks Skyrocket Amidst Bitcoin Price Surge
The recent surge in Bitcoin’s price has had a tremendous impact on Bitcoin-related stocks. As the cryptocurrency continues to gain momentum, companies involved in mining and other Bitcoin-centric activities have seen their stock prices reach new highs. This trend showcases the growing interest and confidence in Bitcoin as an investment asset. Investors are not only looking to directly own Bitcoin but also capitalize on the success of companies associated with the cryptocurrency. The future of Bitcoin-related stocks looks promising as the crypto market continues to evolve and mature.
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