Bitcoin’s rise to $45k propels crypto stocks to robust year opening Bitcoin’s rise to $45k propels crypto stocks to robust year opening
Bitcoin's price rallied above $45,000 for the first time today since March, 2022.
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Updated: Jan. 2, 2024 at 3:51 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Major crypto-centric firms are off to a robust start in the new year, marked by significant market trading upticks in their shares amid Bitcoin’s rally above $45,000.
According to Yahoo Finance data, leading crypto companies like Coinbase, MicroStrategy, Marathon Digital, Riot Platforms, Hive Digital, Canaan, and Hut 8 witnessed considerable price growth during the early trading hours of the market opening for the year.
Coinbase, the largest US-based crypto exchange, experienced a 5.08% surge in its COIN stock, climbing from its previous close of $173.92 on the last trading day of the previous year to approximately $185 as of press time.
Similarly, MicroStrategy, a prominent advocate for Bitcoin and holder of over 189,000 BTC, saw its MSTR stock rise by 15% during early trading hours. As of the latest update, the company’s stocks have risen to $720, its highest level since November 2021.
Additionally, publicly traded Bitcoin mining companies like Marathon Digital, Riot Platforms, Hive Digital, Canaan, and Hut 8 also experienced surges in their early trades. Marathon and Riot, in particular, observed increases of 2.48% and 1.30%, respectively.
Crypto market starts year strongly
The upward trajectory in these crypto-related companies’ stock prices mirrors the ongoing rally in the broader crypto market. Data sourced from CryptoSlate indicates that major crypto assets are currently posting profits.
Bitcoin is trading at $45,316, marking a 6.27% increase in the last 24 hours. Ethereum has similarly surged by 3.81%, reaching $2,389 within the same timeframe. Other digital assets like BNB, Solana, and XRP also displayed positive movement within the reporting period.
These positive trends coincide with anticipation surrounding the anticipated approval of the spot Bitcoin exchange-traded fund (ETF), which is projected to be finalized by Jan. 10. The overall sentiment remains bullish and optimistic as the market gears up for this potential milestone.
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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.
Ethereum
$3,348.95
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
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.
Canaan
Canaan Creative, known simply as Canaan, is a China-based computer hardware manufacturer.
Riot Platforms
Riot Platforms is a bitcoin mining company, supporting the Bitcoin blockchain through rapidly expanding industrial-scale mining focused in the United States.
Hive
HIVE Blockchain Technologies is the first publicly traded crypto miner which debuted on the Toronto Venture Exchange in 2017 and trades under the ticker HIVE.
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.