Bitcoin (BTC) recently hit the highly anticipated 30K USD price level. The instance was significant enough to make other major cryptocurrencies follow the lead of BTC. The global crypto market also witnessed growth in its market capitalization. The effect of Bitcoin price going beyond 30K USD resulted not only in pushing cryptocurrencies but also made an impact in the other circles of the crypto industry.
Major crypto companies witnessed a spike in their stock price after the broader crypto market rise. Crypto stocks across sectors, including crypto exchange, mining firms, and institutional crypto holders, have surged since the start of this week’s trading session.
Bitcoin (BTC) reached its ten-month high on Tuesday, April 11, after getting 30,509 USD. The recent trading price is nearly double BTC’s current lowest at around 15K USD during November last year. It slid in consolidation for a couple of months and surged at the start of the year. The rally continued till mid-February, attaining 25K USD as a new level, but slid to a downturned and dropped to around 19.5K USD by March 10.
Taking support from the level, BTC bounced back and broke the previous resistance at 25K USD within a week. After mid-march, BTC price moved in consolidation this whole time and rose beyond 30K USD. If the rally continues, its next target would be to break the resistance of 32.5K USD from May 2022.
Stock prices of companies like crypto exchange Coinbase (NASDAQ: COIN), crypto mining firms Marathon Digital (NASDAQ: MARA) and Riot Platforms (NASDAQ: RIOT), and institutional BTC holder MicroStrategy (NASDAQ: MSTR) made uptrends following Bitcoin’s lead.
MicroStrategy Earns Profitability in its Bitcoin Strategy
Traditionally a U.S.-based business analytics firm, MicroStrategy (NASDAQ: MSTR), also witnessed a notable uptick.
The company holds a massive 140K BTC in its Bitcoin reserves. Michael Saylor’s company purchased Bitcoin between August 2020 and date at different prices, making the round-off valuation 29,803 USD. Now the total Bitcoin holdings reportedly stand at around 4.17 billion USD. Currently, the company is sitting at a paper profit of about 30 million USD after the top cryptocurrency hit 30K USD.
Microstrategy Inc. is breaking its resistance mark of $300 and holding its breath with gains. The rising volume indicates that investors are making long positions in recent sessions. The stock is gaining traction, registering a fresh range breakout with confirmation from the ” W ” pattern. The double bottom pattern formation has its neckline near $300, which was broken out, and buyers are getting involved to raise the uptrend.
Marathon and Riot Book Profits in Recent Sprint
Along with the broader crypto industry, the crypto mining sector also hit, and prominent companies like Marathon Digital (NASDAQ: MARA) and Riot Platforms (NASDAQ: RIOT) suffered grave losses. After the long struggle to keep the operations continuing, Bitcoin miners report profitability after increased production, and the price hike adds to the bonus.
Marathon Digital (NASDAQ: MARA ) is clearing the hurdle of $9.50 with a massive spike in volume. This incremental bent move is indicating the buyers willing to pass its multiple resistance in a single move, but the price faces a barrier at $10.50 where bears are maintained grips.
Riot Platform (RIOT: NASDAQ) is breaking its strong resistance mark of $10, which buyers have been trying for a long time but have succeeded. The stock was gradually uplifting the price trading inside the rising parallel channel. In the last session, the stock broke the upper trajectory of the channel and attained fresh momentum to register a breakout.
Coinbase Takes on the Lead With Stock Price Charge
Leading U.S. crypto exchange Coinbase (NASDAQ: COIN) survived the recent crypto winter and tightened its regulatory grip. Both instances resulted in a drop in the share price of Coinbase.
Coinbase Global Inc. ( COIN stock) is willing to break its strong support mark of $72, but bulls face rejection and take a pause. However, price action indicates that the stock is clearing all the significant moving averages in a single candle with a huge volume spike. This movement shows bull strength and aims to break the range in the upcoming sessions. However, if $75 is above it, bulls will outperform.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/04/12/bitcoin-voyage-beyond-30k-makes-crypto-stocks-jump/