Crypto stocks set to start December on high note as bitcoin hits near 19-month high
economictimes.indiatimes.combitcoin-tracking companies rose on Friday as the world's largest cryptocurrency extended a recent rally to touch a near 19-month high on improving risk appetite.
Bitcoin, up 1.6% at $38,337, has been gaining since October on optimism that a potential approval of a spot exchange-traded fund is likely to unleash more capital investments in the digital asset sector.
«Tailwinds have been gathering strength all year, especially in recent months, as spot ETF expectations build, the Binance uncertainty is resolved, and 2024's accelerated money printing becomes more inevitable,» crypto-focused economist Noelle Acheson said, referring to the bitcoin rally.
Shares of bitcoin miners — whose profitability improves as bitcoin climbs — including Riot Platforms, Marathon Digital and TeraWulf rose between 1.7% and 4%.
Did you Know?
As a beginner to cryptocurrency investing, you should consider two critical things. First, you should determine and understand your risk tolerance, as cryptocurrencies can be volatile. Only invest what you can afford to lose. Secondly, don’t put all your funds in one cryptocurrency; diversify to mitigate risks. Deciding where to invest your hard-earned money can be difficult.
View Details» J.P.Morgan raised its price targets on Cipher Mining, CleanSpark, Iris Energy, Marathon Digital and Riot Platforms to reflect the rally in bitcoin.
The mining companies are also increasing production before bitcoin's «halving» event next year, when rewards for producing the tokens are cut in half.
Coinbase's shares rose about 2.5% following the 62% jump in November that outperformed bitcoin's 11% climb even as the U.S. crypto exchange reported a decline in trading volume earlier in the month.
«Higher crypto prices
