Bitcoin Mining Companies Soar Amid Gains In Crypto Stocks
Highlights
- Bitcoin mining companies recorded inflows today.
- Crypto stocks like COIN and MSTR also marked gains.
- This comes following improved sentiment in Bitcoin and crypto assets.
Bitcoin (BTC) mining companies have recorded gains in the wake of new inflows in the price of the asset sparking a larger rebound in crypto stocks. Crypto stocks are assets whose value is influenced by the underlying asset or blockchain technology.
In Q1 2024, these assets surged on the back of new inflows to Bitcoin as the price hit a new all-time high above $72,000. The approval of spot Bitcoin ETFs and pre-halving momentum helped the rise of crypto stocks. Recent flows and market recovery have spiked the values of crypto stocks with Bitcoin miners posting gains.
Bitcoin Miners See Uptick
Publicly traded Bitcoin mining firms have notched positive flows in the last 24 hours starting the week on a high. Marathon Digital (MARA) is up 11% today pushing weekly figures above 13%. This also comes after the firm released its market performances for the previous month.
CleanSpark (CLSK) has soared 7.22% in the last 24 hours wiping out weekly losses. The losses seen by miners came after the Bitcoin halving momentum faded. Pre-halving saw highs with miners repositioning their reserves to expand hash rates. Canadian-based miner Hut 8 (HUT) is up 6.16% today extending its 5-day run to 8%. Although monthly flows stand in the red zone, recent flows have tricked into the crypto stock.
Riot blockchain trades at $10.63 at press time as the asset joins other crypto stocks to record gains. The Bitcoin miner is up 2% today after recording an inflow in revenues.
Crypto Stocks Spike
Aside from Bitcoin mining companies, other crypto stocks have soared with bills projecting a wider run in the market. Coinbase (COIN), the largest exchange in the United States by market capitalization trades at $228.70, a 2.5% increase today. Coinbase recently posted increased revenues in Q1 earnings following a spike in on-chain transactions.
Similarly, MicroStrategy (MSTR) has surged 6% with its Chairman Michael Saylor maintaining bullish momentum on the market leader. However, a slew of short traders projected a downward trend for crypto assets.
Also Read: Bloomberg Analysts Support Bitcoin Price Prediction of $150,000
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