Why Stocks in the Bitcoin Universe Skyrocketed in March 2024
The Bitcoin cryptocurrency rose 11.4% in March 2024, according to data from S&P Global Market Intelligence. Many related stocks rode Bitcoin's coattails higher -- though the related market effects weren't always crystal-clear. Just another normal month in the crypto sector, right?
For example, crypto-trading marketplace Coinbase Global (NASDAQ: COIN) saw share prices rise by 30.2% while leading Bitcoin owner (NASDAQ: MSTR) posted a 66.7% gain. And of course, Bitcoin-tracking exchange-traded funds (ETFs) stuck close to the underlying cryptocurrency's chart squiggles. The iShares Bitcoin Trust ETF (NASDAQ: IBIT) and Fidelity Wise Origin Bitcoin ETF (NYSEMKT: FBTC) both gained 14.2% last month.
Why did the Bitcoin-related stock returns differ from the cryptocurrency's 11% price increase? Well, each one of these alternative gateways to the crypto market comes with a set of unique qualities and challenges.
Source Fool.com
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