US Crypto Stocks To Outsized Gains Lifted By Bitcoin Rally To $52k

Bitcoin’s brief rally to $52,000 has lifted the shares of several US-listed crypto-focused firms. Data from CoinDesk showed that the flagship digital asset’s price surged more than 5% to as high as $52,070 during the reporting period before retracing just below the psychological resistance at time of writing.

This positive price movement propelled BTC’s market capitalization to $1 trillion, joining an exclusive of assets that include major technological companies like $Meta Platforms, Inc.(META)$ , Amazon, and Microsoft.

In addition, we observed from the Bitcoin Exchange Whale Ratio, there is a significant uptick in Bitcoin whales (entities holding 1,000 BTC or more)—during its run-up to the new peak.

Crypto Stocks Rally (Outsize Gains)

Following the Bitcoin rally, we have seen various crypto-related firms witnessed significant upticks in their stock prices during early trading hours.

Notably, the shares of leading crypto exchange $Coinbase Global, Inc.(COIN)$ surged by 6.71% to $150, while $Robinhood(HOOD)$ saw a 14.44% increase to $13.56.

Similarly, $MicroStrategy(MSTR)$ a prominent advocate for Bitcoin and the largest public holder of the top crypto, saw its MSTR stock rise by 9% during early trading hours. As a result, the company’s stocks have risen to $756, its highest level since 2021.

In addition, crypto mining companies have also experienced substantial gains in their share prices, reversing the previous day’s downward trend. Iris Energy’s stock registered the most significant uptick, soaring by 19.22% to $8.25, followed closely by CleanSpark, which surged by 14.79%. $Marathon Digital Holdings Inc(MARA)$ ‘s stock also spiked by 13.22%, while Riot Blockchain’s witnessed a 10.36% growth.

These positive performances and the significant inflows observed in the newly launched spot Bitcoin exchange-traded funds (ETF) reflect the surging interest in crypto-related investments.

The volumes for Spot Bitcoin ETF have also been increasing and the cumulative AUM crossed the $10 billion for the first time on Feb 13, 2024.

Summary

As long as the Spot Bitcoin ETF trading volume keep increasing and also we saw more and more inflows, pushing up the AUM.

This is good news for Bitcoin and some of the crypto stocks, including miners.

Appreciate if you could share your thoughts in the comment section whether you think Bitcoin would try for $55k and another crypto stocks rally ongoing?

@TigerStars @Daily_Discussion @Tiger_Earnings @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.

Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.

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