On Wednesday, cryptocurrency stocks experienced a notable uptick propelled by Bitcoin’s continued surge, marking a 4% increase. Bitcoin is presently hovering around $51,770, reaching its highest point since December 2021, with a market cap now standing at $1 trillion. Ethereum, the second-largest cryptocurrency, mirrors the positive trend, registering a nearly 4% increase and trading at approximately $2,746.
This surge has significantly impacted the stock market, particularly with Coinbase (NASDAQ:COIN) witnessing a robust rally of over 10%, reaching $155.61 per share. Initially peaking above $160, the trading day has been marked by substantial gains for the exchange.
Simultaneously, Bitcoin mining companies, such as Riot Platforms (NASDAQ:RIOT) and Marathon Digital Holdings (NASDAQ:MARA), have experienced noteworthy boosts in their stock prices, climbing by 9% and 12%, respectively. The overall market response underscores the impact of Bitcoin’s positive momentum on related sectors.