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Bitcoin Rally Boosts Crypto Stocks, Outpaces Gold and Major Indices

EditorVenkatesh Jartarkar
Published 10/24/2023, 07:16 AM
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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.

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