These Cryptocurrency Stocks Bounced Back This Week
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It's been an interesting week for cryptocurrencies. Early Saturday morning, the price of Bitcoin (CRYPTO: BTC) dropped to about $30,400, then steadily rose for the rest of the weekend. By the time the stock market opened on Monday, Bitcoin had returned to the levels it was trading at on June 24, which provided a boost to stocks like MicroStrategy (NASDAQ: MSTR) and Riot Blockchain (NASDAQ: RIOT). While they're down a little now from their weekly highs, these two stocks were still up 17% and 10% respectively as of market close on Thursday.
Of course, Bitcoin isn't the only cryptocurrency that's rising in value. Notably, Ether -- the token native to the Ethereum (CRYPTO: ETH) blockchain -- has risen by around 5% since Monday morning. On the surface, rising values for cryptocurrencies look like a good thing for cryptocurrency exchange Coinbase Global (NASDAQ: COIN), which explains why it's up by about 8% so far this week. However, some analysts have noted that cryptocurrencies' overall volatility is going down. That's not good for Coinbase's business, which is why the stock gave back some of its gains on Thursday.
Image source: Getty Images.
Source Fool.com
