Bitcoin Mining Stocks Skyrocket By 10% As It Nears 17-Month High
By Benzinga
Bitcoin (CRYPTO: BTC) mining stocks have witnessed a significant surge, increasing by 10% as Bitcoin (BTC) lingers near its 17-month high.
The U.S.-listed mining companies like Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT), and CleanSpark (NASDAQ:CLSK) saw their stocks rally 10%-12% amid a broader equity surge, reported CoinDesk.The Dow Jones Industrial Average marked its best day since June.
The thawing sentiment on Wall Street following a bleak October has been beneficial for cryptocurrency-related stocks. Traders are increasingly wagering that the Federal Reserve’s historic interest rate hiking cycle has come to an end.
“If you’re a crypto trader who believes that a crypto and equity bull market is around the corner, I’d implore you to focus on bitcoin mining stocks to generate the most alpha,” stated Caleb Franzen, founder of Cube Analytics, in a social media post.
The price of BTC hovered around the $35,000 mark, just shy of its highest level since May 2022. At the same time, Ether (ETH), the crypto market’s second-largest asset, was trading at around $1,800, marking a nearly 2% decrease over the past 24 hours.
Photo by Parilov on Shutterstock
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