This week has seen a resurgence in Bitcoin mining stocks as the crypto market gains momentum. Share prices in major publicly listed Bitcoin mining companies such as Riot Blockchain, Marathon Digital, Hive, Hut8, and Bitfarms have seen significant increases. The overall crypto market has added nearly $100 billion to its total capitalization over the past week, contributing to the demand for mining stocks. Bitcoin itself has increased by more than 13% since the beginning of the year.
Riot Blockchain (RIOT) saw a 43% increase in share prices this week, closing at $6.13 after a 14.5% jump in after-hours trading on Thursday. Marathon Digital (MARA) also experienced a 30.9% increase on Thursday, ending the day at $6.76. Hive Blockchain Technologies saw a massive 37.6% increase in share prices to close at $3.21, with a weekly gain of 76%. Hut 8 Mining Corp (HUT) climbed 22.2% on Thursday to end at $1.38 in after-hours trading, adding to a 51% surge since the beginning of the week.
Hut8 recently announced that it had mined 3,568 BTC in 2022, increasing its reserves by 65% to 9,086 BTC. The firm stated that it would continue to adhere to its ‘hodl’ strategy. Bitfarms (BITF) experienced a 73% increase in share prices this week, with a 44.3% gain on Thursday to close at $0.94. Despite these recent gains, many of these mining firms had struggled in 2022, and their share prices are still far below their peak values.
In addition to Bitcoin mining stocks, other crypto-related companies also saw positive movements this week. Major Bitcoin investor MicroStrategy (MSTR) saw a 30% increase in share prices since Monday, ending Thursday’s session at $208. Coinbase, which had recently hit all-time lows, saw a 40% increase in share prices this week. After-hours trading saw COIN prices rise by 8.6% to trade at $46.70.
Overall, the resurgence in Bitcoin mining stocks and other crypto-related companies signals a renewed market interest and momentum in the crypto space. The recent gains in share prices reflect the positive sentiment surrounding Bitcoin and the broader crypto market. As the market continues to evolve, it will be interesting to see how these companies continue to perform and whether this trend of growth will be sustained in the coming weeks. Investors and analysts will be closely monitoring these developments to gauge the long-term potential of Bitcoin mining stocks and other crypto-related investments.
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