📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Bitcoin Rally Boosts Crypto Stocks, Outpaces Gold and Major Indices

EditorVenkatesh Jartarkar
Published 10/24/2023, 07:16 AM
© Reuters
RIOT
-
MSTR
-
BTC/USD
-
COIN
-
ARBK
-

Today, the cryptocurrency market is experiencing a significant rally, with Bitcoin leading the charge by breaking through resistance levels of $32,000 and $35,000. This surge has resulted in a year-on-year increase of 70%, outperforming traditional financial assets such as gold and major indices, according to financial analyst Crispus.

Crypto companies like Riot Platforms, Marathon Digital (NASDAQ: NASDAQ:MARA), Argo Blockchain, Hut 8 Mining, and Cipher Mining have seen their stock prices soar due to this rally. Other cryptocurrencies such as Chainlink, Celer Network, Mina, Pepe, and Rocket Pool (NASDAQ:POOL) have also benefited from this upswing.

In addition to individual cryptocurrencies and crypto-related stocks, the rally has also increased trading volumes on exchanges like Coinbase (NASDAQ:COIN) and Binance. It has also boosted profit margins for firms in the crypto industry. Companies such as Coinbase and MicroStrategy have seen their stock prices rise in both regular and extended trading hours. BITO and Bakkt have also experienced growth due to the increasing demand for Bitcoin.

This rally comes despite earlier predictions of a bleak future for cryptocurrencies in the United States. In April 2023, Chamath Palihapitiya declared that "Crypto is dead in America," blaming regulators like the SEC for creating a hostile environment. At that time, Bitcoin was trading at $27,817.50. However, following the inclusion of BlackRock (NYSE:BLK) ETF's iShares Bitcoin Trust in the DTCC's curated list, Bitcoin surged to $34,522. As a result of this increase, a $100 investment in Bitcoin at that time would have seen a growth of 22%.

This recent rally serves as a stark contrast to earlier sentiments and demonstrates the resilience of the cryptocurrency market despite regulatory challenges.

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.