Bitcoin Mining Stocks In Solid Gains As Crypto Market Rallies

Following the ongoing rally in the crypto market, the stocks of the top five leading Bitcoin mining companies have surged in value, amassing solid gains. Major crypto stocks are also rising and have recorded massive gains in recent weeks. 

Though investors are still skeptical if this is genuinely the real bull run they have been anticipating, major assets in the crypto industry have been in the green for the past weeks regardless of some negative news spreading in the industry.

Bitcoin mining companies Riot Blockchain, Hive, Marathon Digital, Hut8, and Bitfarms have so far been in green since the beginning of this week, with each gaining at least 10% in value.

According to data from MarketWatch, Riot Blockchain (RIOT) value has seen gains of up to 43% this week. The shares saw a closing price of $6.13 in after-hours trading on Thursday, following a 14.5% increase on the same day.

Related Reading: Why The Bitcoin Mining Hashrate May Not Be Out Of The Woods Just Yet

Hive Blockchain Technologies was in green yesterday. HIVE value surged nearly 40%, up by 37.6% in the last 24 hours. It closed with a trading price of $3.21, and so far, its weekly gain has amassed to about 76%.

Marathon Digital stock, with the ticker MARA, saw significant gains on Thursday and went up by 30.9%, closing the day at $6.76. The mining firm is up by 65% since the beginning of the week, according to MarketWatch. 

Following its recent announcement of having mined 3,568 BTC throughout 2022 and increasing its reserves by 65% to 9,086 BTC, Hut8 Mining Corp (HUT) stock skyrocketed by 22.2% on Thursday, ending the day with a $1.38 trading price. 

Bitfarms (BITF) was not left out of the ubiquitous rebound, as its share prices have been up by 73% since Monday. BITF gained 44.3% on Thursday to end the day’s trading session at $0.94.

However, despite the bullish trend with these Bitcoin mining stocks, they are still far from their peak value, given the 2022 impact on asset value.

Not only are mining firms experiencing a bullish cycle at the moment, but prominent bitcoin investor MicroStrategy (MSTR), is also up 30% since Monday morning and eventually ended Thursday’s trading session at a $208 trading price.

Coinbase’s COIN also amassed 8.6% in value yesterday and currently trades at $47.55.

Meanwhile, the global cryptocurrency market capitalization has seen massive gains over the past few days, adding nearly $100 billion to its total capitalization. Crypto pioneer Bitcoin has been printing greens since the beginning of this year, adding to the demand for mining stocks.