Why Bit Digital Stock Rises 18% on Wednesday

Wednesday was a good day to invest in almost all types of cryptocurrencies. It was also a good day for shareholders of cryptocurrency mining companies. Late 2023 saw a rebound as the Great Crypto Rally extended into another trading session.

one of the miners bit digital (BTBT 18.57%), which also benefited from positive moves by analysts tracking the stock, along with the announcement of new operating targets. As a result, Bit Digital’s stock price rose more than slightly and closed the day with an increase of more than 18%. That would have been enough to win. S&P 500 Index rose 0.1%.

Recommendation increased and target stock price more than doubled

spotlight bitcoin (BTC 2.47%) Bull’s latest bulk purchase of the hottest coins (from his company, anyway) has provided a significant tailwind for the company. But Bit Digital has also received an upgrade.

Singular Research analyst Edward Engel upped his recommendation to Buy from his previous Long Buy. In doing so, he more than doubled his price target on the cryptocurrency miner’s stock price from $3.80 previously to $7.70 per share.

Engel’s latest Bit Digital notes haven’t been released yet, so we don’t know exactly what’s behind his upgrade. It’s certainly no coincidence that this comes shortly after the company announced Tuesday that it plans to double its Bitcoin mining operation’s operating fleet in 2024.

Good timing for a double down announcement.

Bit Digital’s succinct press release on the matter was timely, although it didn’t reveal any details. Many coins and tokens, including Bitcoin, continue to show an upward trend.

This is thanks to an increasingly favorable macroeconomic environment and the expected launch of the first Bitcoin (and other cryptocurrencies) spot exchange-traded fund (ETF) in 2024. We’ll soon find out whether this momentum can continue into the new year. .