Why Cryptocurrency Stocks Were Up This Week

The world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), got a lot bigger this week, and that was good for the entire cryptocurrency space. That includes companies that mine tokens such as HIVE Blockchain Technologies (NASDAQ: HIVE), companies that aspire to mine them like Cipher Mining (NASDAQ: CIFR), and companies that provide mining equipment to those that do, such as Canaan (NASDAQ: CAN). And, of course, there's also Coinbase Global (NASDAQ: COIN), which operates a major exchange that allows people to trade cryptocurrencies.

All of these stocks have gone up since the market closed last Friday. According to data provided by S&P Global Market Intelligence, as of the market close on Thursday, HIVE Blockchain was up 19%, Cipher Mining was also up 19%, Canaan was up 33%, and Coinbase was up 7%.