Which Crypto Stocks Are Leading the Charge with Nearly 50% Gains in Just Five Days?
On Monday, crypto-related stocks in the United States saw significant increases, reflecting a broader market rally just days after the Bitcoin halving. Despite the event reducing mining rewards to 3.125 BTC per block, some of these stocks recorded double-digit percentage gains.
The country's five largest public-traded Bitcoin miners by market capitalization, $Marathon Digital(MARA.US$ , $CleanSpark(CLSK.US$ , $Riot Platforms(RIOT.US$ , $Cipher Mining(CIFR.US$ , and $Hut 8(HUT.US$ all witnessed substantial gains for two consecutive trading days.
Overall, U.S. crypto miners demonstrated resilience and strength in the market, extending their rallies from April 17, several cryptocurrency stocks soared nearly 50% in just 5 days.
• $Riot Platforms(RIOT.US$ was in the lead, which experienced a 47.02% increase in the past five days, reaching $11.85per share. These gains have also carried over into after-hours trading sessions, indicating sustained momentum.
Bernstein said in a research ahead of the halving, the “miner fear factor” is at its peak and investors should buy outperform-rated Riot Platforms and CleanSpark. Because the market will reward these companies for their superior execution and for being market leaders by self-mining hashrate.
Bitcoin’s Price Movements
Meanwhile, bitcoin exhibited modest price movements, with minimal volatility.
Commenting on bitcoin’s price movements, Kok Kee Chong, CEO of AsiaNext, stated, “As expected, the halving was fully priced in, so price movement was limited.”
David Donabedian, the investment chief at CIBC Private Wealth, told Barron’s on April 22 that market sentiment was subdued due to concerns about elevated inflation rates, rising bond yields, and speculation on the Federal Reserve's anticipated rate cuts. Since the halving, Bitcoin's price has increased by 4.16% to $66,572.
However, regarding the future trajectory of Bitcoin, “the rollout of spot bitcoin ETFs will continue to provide structural demand for bitcoin,” Bernstein said. “We continue to expect bitcoin to touch a cycle high of $150K by 2025.”
Source: Coindesk, CryproPatato
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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