BTC Surges Towards $72,000, Boosting Crypto Stocks like MicroStrategy
BTC Surges Towards $72,000, Boosting Crypto Stocks like MicroStrategy
Bitcoin (BTC) is making a strong comeback, surging past $71,000 after a month of sideways trading. According to CoinMarketCap data, the largest cryptocurrency by market capitalization is now around 3.4% away from its all-time high of $73,737, which it reached in March.
The rally in Bitcoin's price has had a positive impact on companies associated with the crypto industry. MicroStrategy (MSTR), a software company, has seen its stock surge over 6%, currently trading at $1,531.67 per share. MicroStrategy has actively added BTC to its balance sheet this year, holding $15 billion worth of Bitcoin currently. Since January, the company's stock has more than doubled, boasting a remarkable 122% gain. Michael Saylor, the co-founder and chairman of MicroStrategy, has advocated that investing in the company's stock provides a safe way for investors to gain exposure to BTC.
US-based crypto exchange Coinbase (COIN), the largest crypto exchange in the United States, has also experienced a surge of over 6% in its stock price. The exchange, which went public in 2021, has been performing well this year. In February, Coinbase shared its Q4 2023 results, showing a return to profitability. Currently priced at $255.99 per share, Coinbase's stock has jumped by over 63% in 2024.
However, Bitcoin mining companies are not seeing significant gains. Hut 8 Corp (HUT) has seen a marginal jump of less than 2% and is currently priced at $9.14 per share. CleanSpark, a company that utilizes green energy for BTC mining, has observed a rise of over 1%, with its stock trading at $15.79.
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