Crypto Mining Stocks Are Roaring Back After Bitcoin Price Surge

According to a Bloomberg report, the crypto mining stocks are once again roaring into the market. Bitcoin (BTC) traded above the price range of $20,000 after November 2022 and hitted $21,564 mark in the last seven days. Not only Bitcoin but most of the cryptocurrencies started trading in the bullish pattern.

The gain of Bitcoin is boosting shares of crypto linked companies such as Coinbase Global Inc. (COIN), Marathon Digital Holdings Inc. (MARA), and Riot Platforms Inc. (RIOT). These companies are up 50% since the beginning of this year.

The NYSE FactSet Global Blockchain Technologies Index surged almost 39% in the past month and also set for its best month since February 2021.

Coinbase Global Inc. (NASDAQ:COIN)

Coinbase Global operates a cryptocurrency exchange platform. From the past month, the price of COIN surged from $35 to its current trading price of $49.42 by nearly 41%. While the crypto exchange, Coinbase, halted its operations in Japan. It gave its customers four weeks to pull their funds from the exchange. Maybe due to this update COIN was down by almost 1.57% yesterday.

Marathon Digital Holdings Inc. (NASDAQ:MARA)

The digital asset technology company that engages in mining cryptocurrencies, might have gained momentum. As BTC price surge helped MARA stock to lift up. From the past one month, its price surged by almost 87% from $4 to its current trading price of $7.34. Moreover, the publicly traded mining companies are back as their stocks are mostly performing in a bullish pattern.

Riot Platforms Inc. (NASDAQ:RIOT)

Riot is a Bitcoin mining company that develops, operates, and supports blockchain technologies. From one month RIOT stock surged by 50%. Its previous closing was at $5.78 with an increase of 1.23%.

Last year, the crypto stocks did not perform well as Bitcoin price declined by more than 64%. Notably, Coinbase, Silvergate Capital and Marathon Digital were among the crypto-linked stocks that price plunged by 80% in 2022.

Additionally, the crypto mining stocks are among the biggest beneficiaries of the Bitcoin rally. As the Luxor Hash Price Index noted an increase of almost 20% this year. While Bitfarms, Hut 8 Mining, and Bit Digital also have seen its stock price surge doubled since the beginning of January 2023.

It can be seen that even after the price surge of Bitcoin above $21,000 level, not most of the people seemed convinced with its price rally.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing