Stocks of notable cryptocurrency-related companies observed a notable rebound following a 1.18% rise in the price of Bitcoin today.
Stocks of notable cryptocurrency-related companies observed a notable rebound following a 1.18% rise in the price of Bitcoin today.
Coinbase Global, Bitfarms, and MicroStrategy are leading the rise, each posting gains of around 2%, 1.2%, and 1.42%, respectively.
Additionally, Riot Platforms and US-listed shares of Hut 8 Mining saw gains of 1.7% and 2.3%, while Marathon Digital Holdings outperformed its peers with a 3% rise.
Marathon Digital Leading Raise
The substantial growth in Marathon Digital’s stock value can be attributed to its latest production update. In December 2023, the company reported a record production of 1,853 Bitcoins, contributing to a total of 12,852 Bitcoins mined throughout the year.
This increase in production was further bolstered by an 18% monthly increase in its operational hash rate, reaching 22.4 EH/s.
The company’s holdings now exceed 15,000 Bitcoins, with a combined total of cash and Bitcoin assets valued at approximately $1 billion.
Recovery in the crypto market
The broader cryptocurrency market is showing signs of recovery, with leading digital currencies such as Bitcoin and Ethereum posting gains.
According to the latest data from CoinGecko, Bitcoin is currently priced at $43,365, up 1.2% over the past seven days.
Ethereum follows suit, with a current price of $2,239 after a 0.9% gain in the last 24 hours and a 6.9% increase over the week.
Other major cryptocurrencies such as BNB, Solana, and XRP also saw growth, contributing to the positive sentiment in the market.
The broader market is showing a rally after rumors about the US Securities and Exchange Commission’s possible rejection of a number of spot Bitcoin exchange-traded fund (ETF) applications sparked a major correction. From the market.