2 - 4 minute read
The cryptocurrency market has been making headlines with big gains in its stock prices. Bitcoin has been trading above $30,000 since Monday, and this has led to stocks like Riot Platforms (RIOT), Marathon Digital (MARA), Stronghold Digital (SDIG), and Iris Energy (IREN) to surge by almost 20%. The rise in Bitcoin’s value has pushed MicroStrategy’s (MSTR) holdings back into profit, translating to a 7% rise in its share value on Tuesday. This relapse of Bitcoin’s value to a steady amount has brought about an increase in the value of crypto stocks, among other securities.
Bitcoin’s value registered a significant spike in a short period. The cryptocurrency was stagnating in tight ranges around the $28,000 level on Monday afternoon, then it broke through the $30,000 level for the first time since June 2022, late on Monday evening. It hit a high of $30,400 before settling above $30,000. With Bitcoin’s surge in value, its stock market has also been enjoying a bullish run. Crypto exchange, Coinbase (COIN), and Mike Novogratz’s crypto merchant bank, Galaxy Digital (GLXY.TO), are up by 7%.
According to CoinDesk, the crypto market index is up by 58%, with Bitcoin making significant gains amid a banking crisis. This news is a big relief for traders who have been keeping an eye on Bitcoin’s value after a significant slump in March 2023. The rise in Bitcoin’s value could signify a new bullish run, with the crypto currently up by over 80% since the beginning of the year.
MARA and RIOT’s gains are impressive, and traders are taking advantage of the market gains to increase their stock portfolios in crypto. The cryptocurrency market’s bullish run is a sign of a bright future ahead, amidst the current economic uncertainty.
The Bottom Line
The rise in Bitcoin’s value has led to an increase in crypto-related stocks, with the likes of RIOT and MARA, leading the gain. Traders can take advantage of the bullish trends to increase their stock portfolios in the crypto market. The rise in Bitcoin’s value also signifies a growing market for cryptocurrencies, with a potential for further gains in the future. As the world becomes more comfortable with Bitcoin and other cryptocurrencies, investors can take advantage of the trend and invest in crypto-related securities.
