Bitcoin Miners Record 10% Stock Growth As Asset’s Price Surge
The price growth in the cryptocurrency market has resulted in big wins for several sectors including Bitcoin (BTC) miners, blockchain-based firms, and yield farmers.
Bitcoin miners have recorded over 10% stock growth as the asset’s price trades near $35,000, close to its 17-month high.
Marathon Digital Holdings (MARA) has posted a 10.54% uptick in its share price trading at $9.86. Similar positions can be seen in Riot Platforms (RIOT) and CleanSpark (CLSK) with increases of 10.68% and 12.08% respectively.
This is not the first time mining-related stocks have notched higher since the price of bitcoin moved past $30,000 signaling a good few weeks for the market and miners who have spent long months in the woods.
In previous months, digital asset miners have posited losses due to declining prices occasioned by a wider market downturn and huge industry collapses. While the price of bitcoin fell over 55% last year, market-tightening regulations on miners made the situation worse.
To survive, miners had to think outside the box with some selling equipment and others selling their Bitcoin reserves while trying to stay afloat until the next bull market.
This year has seen a new turn as miners have started racking up their BTC holdings with eyes set on the halving event which could potentially usher in another bull cycle.
Marathon Digital has posted a 188% growth in its stock price this year with Riot Platforms and CleanSpark recording 231% and 128% in the same period.
If you're a crypto trader who believes that a crypto + equity bull market is around the corner, I'd implore you to focus on #Bitcoin mining stocks to generate the most alpha.
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