COIN and 5 Other Crypto Stocks Seeing Gains as Bitcoin Approaches $60K
InvestorPlace - Stock Market News, Stock Advice & Trading Tips Crypto stocks are up big this afternoon. Investors are preparing for Bitcoin to near its all-time high by investing in...
Crypto buffs cheer on Bitcoin (CCC:BTC-USD) to do well, whether or not they hold any themselves. The coin is a litmus test for the entire industry, thanks to its size. All price momentum goes back to BTC in at least some minor way; when it’s up big, the whole asset class is thriving. Today, Bitcoin is preparing to battle it out with the $60,000 resistance level, and investors want to see it win. If Bitcoin can near its all-time high once more, that spells good times for anybody holding a coin or token. But even outside of crypto holders themselves, there are many crypto stocks that stand to gain from the action. In fact, many of those stocks are on the move today in anticipation of a Bitcoin price surge.
There are a host of crypto-relevant stocks that holders can buy into if the rampant volatility of the coins themselves are not interesting. The industry has many different sectors represented through publicly traded stocks, allowing less price-tolerant investors to profit off of crypto. Miners and crypto exchanges make up the most popular of crypto stocks. Additionally, there are plenty of companies who aren’t directly related to the crypto industry but have large crypto holdings. These too are a reliable play for some. Michael Saylor’s MicroStrategy (NASDAQ:MSTR) or JP Morgan Chase (NYSE:JPM) represent some examples of this.
Crypto Stocks, Particularly Miners, Soar as Bitcoin Prepares to Retake $60K
Today’s big winners come mostly from companies directly associated with the crypto industry. Bitcoin’s all-time high is over $64,000. If it can reclaim the $60,000 mark, it puts the coin right on the doorstep of a new record; one can only imagine the momentum that Bitcoin will pump into other altcoins if this is to happen. It would be intelligent to assume that the industry will see a huge uptick in transaction volume, as investors once again flood the market with capital as Bitcoin blazes new trails.
Coinbase (NASDAQ:COIN) is one of the crypto stocks seeing love today from savvy investors awaiting a $60,000 breakthrough. The exchange is the second-largest crypto exchange in the world by volume, and it’s the only publicly traded stock of a crypto exchange. As such, investors are looking to add COIN to their holdings in anticipation of a new crypto renaissance. Transaction volume of COIN stock is nearly 800,000 shares over daily averages, and the influx of buying is enough to inflate the stock 4%.
Crypto miners, who are far more numerous than exchanges on Wall Street, are all seeing some bullish price action today as well. That’s because these companies all focus almost exclusively on the mining of Bitcoin over other cryptos, given its huge price. Sphere 3D (NASDAQ:ANY) and Marathon Digital Holdings (NASDAQ:MARA) are the biggest gainers in this sector today; they are adding 17% and 10%, respectively, with largely increased trading volumes. Also gaining in this sector are Riot Blockchain (NASDAQ:RIOT), who’s up 8.5%, and Bit Digital (NASDAQ:BTBT), who’s up 5.5%. Canaan, Inc. (NASDAQ:CAN), a company who develops mining hardware, is up over 6% on the day.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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