Bitcoin’s $45,000 rise gave cryptocurrency stocks a solid start to the year.
Major cryptocurrency-focused companies are off to a solid start in the new year, with their stock prices rising significantly amid Bitcoin’s rally past $45,000.
Major cryptocurrency companies such as Coinbase, MicroStrategy, Marathon Digital, Riot Platforms, Hive Digital, Canaan, and Hut 8 have witnessed significant price gains during the early trading hours of the market opening this year, according to Yahoo Finance data.
Coinbase, the largest cryptocurrency exchange in the United States, saw its COIN stock surge 5.08%, rising from the closing price of $173.92 on the last trading day of the previous year to about $185 at press time.
Likewise, MicroStrategy’s MSTR stock, which is a prominent advocate of Bitcoin and holds over 189,000 BTC, rose 15% in early trading. Following the latest update, the company’s stock rose to $720, its highest level since November 2021.
Additionally, listed Bitcoin mining companies such as Marathon Digital, Riot Platforms, Hive Digital, Canaan, and Hut 8 also experienced surges in early trading. In particular, Marathon and Riot increased by 2.48% and 1.30%, respectively.
Cryptocurrency market starts strong this year
The upward trajectory of the stock prices of these cryptocurrency-related companies reflects the ongoing rally in the broader cryptocurrency market. Data sources: CryptoSlate This indicates that major cryptocurrency assets are currently generating profits.
bitcoin It is trading at $45,316, up 6.27% in the last 24 hours. Ethereum It also surged 3.81% to reach $2,389 within the same period. Other digital assets such as BNB, Solana, and XRP also saw positive movements during the reporting period.
This positive trend is consistent with expectations surrounding the expected approval of a spot Bitcoin exchange-traded fund (ETF), which is expected to close by January 10th. As the market prepares for this potential milestone, overall sentiment is upbeat and optimistic.
