Why Bitcoin and Ethereum-Related Stocks Are Rising
The cryptocurrency market is finally moving after two dull months, and it is affecting the dynamics of the financial sector. As the price of cryptocurrencies is rising, crypto-related stocks are also witnessing a quick surge. Companies including Riot Blockchain Incorporation, Coinbase Global Incorporation, and Marathon Digital Holdings Incorporation are all trading higher along with Bitcoin and Ethereum.
Bitcoin started the week trading at 50,227 dollars, showing 1.6% growth. On the other hand, Ethereum grew by 2.1% to reach 3,333 dollars market value.
Marathon Digital Incorporation is known for mining digital assets. The company owns cryptocurrency mining machines along with an esteemed data center to mine virtual assets. In addition, Marathon Digital deals in the digital assets blockchain space and has established most of its operations in Canada. The company is currently trading its stocks at 37.20 dollars, showing a 5.5% growth.
Similarly, Riot Blockchain Incorporation focuses on developing, supporting, and running blockchain tech-based platforms. The company has taken part in projects like Tesspay, Varady, Coinsquare, and others. The company is trading its stocks at 36.25 dollars, signifying a 5.6% growth.
Coinbase is a well-established end-to-end financial technology and framework provider for the cryptocurrency space. The company is also showing a 4% growth, trading its stocks at 267.22 dollars.
The financial market is witnessing growth all-around as the price of dollars is increasing too. Similarly, XRP is also growing rapidly despite its ongoing case against the US Securities and Exchange Commission. Furthermore, with Solana releasing a new game, the cryptocurrency also reached its all-time high, entering the top ten cryptocurrencies.
At the current pace, the cryptocurrency sector might reach its stature in May before taking back-to-back hits from Tesla and China.