Here's Why Cryptocurrency Stocks Are Soaring Today
Shares of many stocks with close ties to bitcoin and other cryptocurrencies are flying high today. China-based bitcoin mining specialist Bit Digital (NASDAQ: BTBT) rose as much as 23.3%. The bitcoin-focused investment fund Grayscale Bitcoin Trust (OTC: GBTC) posted a maximum gain of 24.9%. Business analytics company MicroStrategy (NASDAQ: MSTR), which recently converted most of its cash reserves into bitcoin, gained as much as 26.2%. Cryptocurrency asset manager Riot Blockchain (NASDAQ: RIOT) topped out at 29.6% and Chinese-American cryptocurrency miner Marathon Patent Group (NASDAQ: MARA) led the pack with a maximum gain of 42.5%.
These stocks rose in unison as the price of bitcoin tokens reached a new all-time high of $19,850 per token, according to Coindesk data. That was a 9.7% gain in 24 hours, capping a quick return from a 15% decline at the end of last week. Many alternative cryptocurrencies also rose dramatically today, including a 9% surge in Ethereum prices and a 7% increase for Ripple tokens.
Image source: Getty Images.
Source Fool.com
