Bitcoin rally to $52k lifts US crypto stocks to outsized gains Bitcoin rally to $52k lifts US crypto stocks to outsized gains
The stocks of several US-based crypto-related firms were buoyed by BTC's positive price movement.
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Updated: Feb. 14, 2024 at 3:38 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin’s brief rally to $52,000 has lifted the shares of several US-listed crypto-focused firms.
Data from CryptoSlate showed that the flagship digital asset’s price surged more than 6% to as high as $52,021 during the reporting period before retracing just below the psychological resistance as of press time.
CryptoSlate Insight reported that this positive price movement propelled BTC’s market capitalization to $1 trillion, joining an exclusive of assets that include major technological companies like Meta, Amazon, and Microsoft. In addition, a separate report observed a significant uptick in Bitcoin whales—entities holding 1,000 BTC or more—during its run-up to the new peak.
Crypto stocks rally
Following this rally, various crypto-related firms have witnessed significant upticks in their stock prices during early trading hours.
Notably, the shares of leading crypto exchange Coinbase surged by 6.71% to $150, while Robinhood saw a 14.44% increase to $13.56.
Similarly, MicroStrategy, a prominent advocate for Bitcoin and the largest public holder of the top crypto, saw its MSTR stock rise by 9% during early trading hours. As a result, the company’s stocks have risen to $756, its highest level since 2021.
In addition, crypto mining companies have also experienced substantial gains in their share prices, reversing the previous day’s downward trend.
Iris Energy’s stock registered the most significant uptick, soaring by 19.22% to $8.25, followed closely by CleanSpark, which surged by 14.79%. Marathon Digital‘s stock also spiked by 13.22%, while Riot Platform’s witnessed a 10.36% growth.
These positive performances and the significant inflows observed in the newly launched spot Bitcoin exchange-traded funds (ETF) reflect the surging interest in crypto-related investments.
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Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
MicroStrategy
MicroStrategy (Nasdaq: MSTR) is a worldwide leader in enterprise analytics and mobility software.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Marathon Digital
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
Iris Energy
Iris Energy is a sustainable Bitcoin miner that owns and operates real assets, including data centre infrastructure, powered by renewable energy.
Robinhood
Robinhood is an American financial services company headquartered in Menlo Park, California that was founded in April 2013 by Vladimir Tenev and Baiju Bhatt.
