Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Bitcoin mining stocks rally as cryptocurrency hits 17-month high

EditorAmbhini Aishwarya
Published 11/03/2023, 03:53 AM
Updated 11/03/2023, 03:53 AM
© Reuters.

Bitcoin mining stocks, including Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT), and CleanSpark (NASDAQ:CLSK), enjoyed a surge of 10%-12% on Friday, as Bitcoin traded near its 17-month peak. This positive trend coincided with the Dow Jones Industrial Average, S&P 500, and Nasdaq observing an uptrend, driven by the Federal Reserve's decision to keep rates unchanged for the second consecutive month and Chairman Jerome Powell’s dovish remarks.

Crypto stocks such as Coinbase (NASDAQ:COIN) also registered gains, rising by 8.7%. However, these gains moderated post-market close due to lower Q3 trading volumes. Despite this, Coinbase exceeded revenue and earnings expectations.

Cube Analytics recommended crypto traders to focus on bitcoin mining stocks for alpha generation in the next bull market. Simultaneously, Capriole Investments urged for caution against over-exuberance in the bitcoin derivatives market.

Bitcoin remained steady around $35,000, below its May 2022 peak. Ether [ETH], on the other hand, fell by nearly 2% in the past 24 hours. The broader crypto market dipped by 1.3%, according to the CoinDesk Market Index.

QCP Capital predicted that barring a major catalyst, Bitcoin would stabilize around the current level with $32,000 serving as a price floor. They also noted the possible impact of SEC Chair Gary Gensler's decisions on Bitcoin price and the potential approval of a bitcoin-settled exchange-traded fund by the SEC.

In contrast to Bitcoin and Ether, Cardano's token [ADA] and Decentraland's [MANA] advanced nearly 6%, while Chainlink [LINK], Aptos's token [APT], and Lido's governance token [LDO] fell between 5% and 7%. Solana [SOL] saw a dip following a significant rally.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Analysts suggest Bitcoin could reach $150,000 and quality mining stocks offer good exposure. Galaxy predicted that Bitcoin Spot ETFs could see substantial inflows in H1 2023, providing another potential boost to the cryptocurrency market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.