Why Crypto Miner Stocks Were on Fire Today
While there is no death-and-taxes certainty in stock investing, it's a safe bet that when cryptocurrencies are doing well, shares of the companies that mine them will also rise. The action in crypto mining stocks on Monday reinforced that hypothesis; the bulk of them saw increases, some at double-digit percentages.
Riot Platforms (NASDAQ: RIOT), TerraWulf (NASDAQ: WULF), and Cleanspark (NASDAQ: CLSK) all landed just shy of that benchmark, closing the day around 9% higher. Marathon Digital Holdings (NASDAQ: MARA) and Hut 8 Mining (NASDAQ: HUT) managed to cross the line with gains around the 13% mark, as did Bitfarms' (NASDAQ: BITF) almost 11% advance.
Those increases mirrored the popularity of bedrock cryptocurrencies on the day, most notably that of Bitcoin (CRYPTO: BTC). When crypto bulls run wild, very often it's the pioneering coin that leads the charge. That digital currency's price rose as much as 9% over the 24 hours up to late afternoon Monday; not surprisingly, many other cryptos were also well in positive territory.
Source Fool.com
