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Why Did The9 Stock Skyrocket Today?

TheMotleyFool

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Why Did The9 Stock Skyrocket Today?Photo, wide shot, wide-angle lens, Gold mine, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/94faf2bd-99c1-4ea6-b55d-fdcab23c3865.png

Shares of cryptocurrency mining company The9 Limited (NASDAQ: NCTY) were skyrocketing on Wednesday. As of 3 p.m. EDT, the stock was up a whopping 39%. Part of this might be because popular cryptocurrency Bitcoin was also up today. According to CoinDesk, the price of Bitcoin is up roughly 10% over the past 24 hours. The9 stock is often up when Bitcoin is up.

But considering that The9 stock is significantly outpacing its Bitcoin-stock peers, it seems there's something more going on.

Image source: Getty Images.

Source Fool.com

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