Why Ebang International Stock Jumped Today
Shares of Ebang International Holdings (NASDAQ: EBON) jumped on Friday even though many other cryptocurrency stocks were down. This is likely because most public cryptocurrency miners only mine Bitcoin (CRYPTO: BTC), and Bitcoin is down today. However, Ebang International also mines Dogecoin (CRYPTO: DOGE), and Dogecoin has soared to all-time highs. As a result, Ebang International stock was up 22% as of 10:45 a.m. EDT.
In fact, Ebang International differs from many of its publicly traded peers. In the first place, it's a vertically integrated business, meaning it both creates the cryptocurrency mining machines and also mines various cryptocurrencies. Specifically, it has equipment for Bitcoin, Dogecoin, and Litecoin. Over the past 24 hours, Bitcoin is down 2% and Litecoin is flat, but Dogecoin is up a stunning 177%.
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Source Fool.com
