Stocks linked to cryptocurrencies Bitcoin and Ethereum soar

Stocks linked to cryptocurrencies Bitcoin and Ethereum soar

Shares of several cryptocurrency-related stocks, including Marathon Digital Holdings Inc (NASDAQ:MARA), Riot Platforms Inc (NASDAQ:RIOT) and MicroStrategy Inc (NASDAQ:MSTR) are trading higher on Tuesday after Bitcoin (CRYPTO: crossed the $30,000 mark for the first time since June 2022.

Bitcoin, the largest cryptocurrency by market cap, was last up 6.47% over a 24-hour period at $30,125, adding to its rally in 2023 where $28,200 marked a strong resistance point from a technical perspective and some bulls are now calling for a continued move towards the $36,000 level.

Bitcoin is now up over 80% year-to-date and several other cryptocurrencies are moving with it. Ethereum (CRYPTO:ETH) is up 3.27% over a 24-hour period to $1,916.26 and Dogecoin (CRYPTO:DOGE) advanced 2.75% to $0.08517 last checked.

Several Bitcoin miners also rose along with the Bitcoin price, including Marathon Digital, which engages in digital asset mining. The company owns mining machines and a data center for digital assets. It was last up 3.74% at $9.44, according to Benzinga Pro.

Riot Blockchain focuses on building, supporting and operating blockchain technologies. The stock had risen 3.88% to $10.99 when last checked.

MicroStrategy is a business intelligence, mobile software and cloud-based services company, but it is mostly a Bitcoin bet, as the firm owns approximately 140,000 Bitcoin. These shares gained 2.96% to $322.05 at last check.

Bitcoin cryptocurrency price movement.

The Bitcoin cryptocurrency has risen 22% in the last month and more than 70% in a three-month period. Despite being up over 80% so far this year, it is still down approximately 23% in the last year.

Samuel Edwards
Samuel Edwards is the name you must have heard many times while reading reports related to Finance, that's what he is good at. From Major Investments to Stock Market Updates, he got 'em all. Be ready to blow your mind by the mind-blowing reports of Finance World from Samuel Edwards.