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Saturday, April 13, 2024

Crypto stocks rally as Bitcoin stalls

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The shares of major crypto-focused companies begin the week better than Bitcoin’s tepid price performance during Asian trading hours.

Coinbase, the largest US-based exchange, COIN stock rose by a meager 0.43% at the beginning of the market to $153, representing a reversal of its 1.61% pre-market decline.

COIN is one of the best-performing crypto stocks this year, with a year-to-date (YTD) gain that has eclipsed 300%.

Similarly, shares of publicly traded Bitcoin mining companies like Marathon Digital, Riot Platforms, Hive Digital, Canaan, and Hut 8 increased during their stocks’ early trading hours. Canaan and Hut 8 recorded increases of around 14% and 17%, respectively.

Like Coinbase, most miners have had a robust year, witnessing triple-digit percentage growth during the past year.

Meanwhile, MicroStrategy, a significant Bitcoin advocate that holds nearly 175,000 units of the top cryptocurrency, observed an increase of just under 1% on the day. Its year-to-date increase of 302% highlights the gains it has made from Bitcoin’s upward trend this year.

BTC’s lull

The stock prices among these companies contrast sharply with the slight decline observed in Bitcoin’s value today. Data from CryptoSlate shows that while the flagship digital asset continues to trade above $41,000, its value has fallen by around 2% during the last 24 hours and 1.05% during the past week.

Despite the lull, market observers remain largely bullish as they anticipate an imminent approval of a spot BTC exchange-traded fund (ETF) in the U.S.

Jan van Eck, the CEO of VanEck, an asset management firm and one of the applicants for the ETF, predicted that the flagship asset will reach a new all-time high within the next 12 months while also touting BTC’s strength as a leading store of value.

The post Crypto stocks rally as Bitcoin stalls appeared first on CryptoSlate.

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