Bitcoin Blasts Above $20,000, Pulling These Cryptocurrency Stocks Higher
Before the market opened on Wednesday, famous cryptocurrency bitcoin suddenly took off. The price of bitcoin blasted past $20,000 for the first time ever and has continued climbing. As of 12:30 p.m. EST, bitcoin was around $20,600.
When bitcoin moves, it also pulls cryptocurrency-related stocks higher, as well. For example, Ether (the native token for the Ethereum blockchain) is up 6% over the past 24 hours, according to CoinDesk. Likewise, Ripple is up 9% over the last 24 hours. These moves are comparable to bitcoin's 7% move. Consider the following jumps:
How does the price of bitcoin affect these companies? And what do these big moves mean for investors?
Source Fool.com
