Crypto, Roaring Kitty and 'fartcoin': Market speculation picks up to start 2025
Crypto trades jumping. Roaring Kitty boosting meme stocks. Broader market ripping on no apparent catalysts.
Animal spirits are on the loose at the dawn of 2025 trading.
Many speculative pockets of the stock market surged Thursday, the first session of the new year, right after the S&P 500 closed out the best two-year run since 1998.
Stocks tied to the price of bitcoin jumped as the cryptocurrency climbed back over $96,000. Microstrategy added 3% after surging more than 360% in 2024. Crypto-related companies Coinbase, Robinhood, Mara Holdings and Riot Platforms also traded higher after a big 2024. A crypto token called «fartcoin» skyrocketed 45% and now has $1.38 billion market value.
Elsewhere, retail traders active on social media were busy playing a guessing game after online personality Roaring Kitty posted another cryptic message on X of a short clip of the late musician Rick James. Some believe the meme stock leader, AKA Keith Gill, was referring to Unity Software, whose stock soared 11%, while others think he's back touting his original favorite GameStop, whose shares also caught a bid.
Meanwhile, semiconductor stocks — 2024's big winners — helped lead the market again after the artificial intelligence trade lost some steam at the end of last year. Broadcom jumped 2% on Thursday, while Nvidia gained 1.6%.
What's more, golf stock Topgolf Callaway Brands surged 8.5% on the back of an upgrade at Jefferies to buy from hold. The investment bank said shares of the golf equipment maker looked oversold and raised its price target to 65% above where the name closed the year.
With a pickup in market speculation, broad stock indexes were on the rise to kick off 2025. The Dow Industrial Average advanced more than 300 points.
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