Crypto Stocks on the Rise as Bitcoin Surges
Bitcoin’s recent rally has sparked excitement in the cryptocurrency market, with prices pushing past the $64,500 mark.
While Bitcoin continues to dominate headlines, investors are looking for alternative ways to gain exposure to the crypto industry.
Crypto-related stocks offer a path into this dynamic market without directly purchasing virtual currencies.
Why is Bitcoin Rallying?
Several factors are driving Bitcoin’s current price surge.
The latest CPI data, which came in lower than expected, suggests inflation might be cooling off.
This raises hopes for potential interest rate cuts from the Federal Reserve, which generally benefits high-risk assets like cryptocurrencies.
Additionally, political developments are adding momentum. Republican presidential candidate Donald Trump’s choice of Sen. J. D. Vance as his running mate is seen as positive for the crypto sector, as Vance is a former venture capitalist with a pro-crypto stance.
Four Crypto Stocks to Watch
- Marathon Digital Holdings (NASDAQ: MARA): A Bitcoin mining company based in Las Vegas, MARA has seen its stock price surge close to 20% this week.
The company’s stock is now up close to 5% year-to-date and has broken out of a period of consolidation above all major moving averages. - iShares Bitcoin Trust (NASDAQ: IBIT): An exchange-traded fund that primarily invests in Bitcoin, IBIT has gained over 10% this week.
IBIT is a passively managed fund that seeks to track the spot price of Bitcoin. - CleanSpark, Inc. (NASDAQ: CLSK): Another Bitcoin mining company, CleanSpark focuses on creating eco-friendly mining setups.
CLSK saw a 15.46% surge on Monday and is currently consolidating in a bullish pattern.
A potential breakout near $20 could lead to significant upside. - Coinbase Global, Inc. (NASDAQ: COIN): A leading cryptocurrency exchange, Coinbase has seen an impressive 11.3% gain this week.
The company is set to report earnings on August 1, which could significantly impact its stock price.
Navigating the Crypto Market
While Bitcoin’s recent rally has spurred interest in crypto-related stocks, it’s important to remember that the cryptocurrency market remains volatile.
Before investing in any crypto-related assets, it’s crucial to conduct thorough research and understand the risks involved.
