Following the ongoing cryptocurrency market rally, shares of the five largest companies Bitcoin mining companies have appreciated in value, accumulating solid profits. Major cryptocurrency stocks are also on the rise and have seen huge gains in recent weeks.
While investors are still skeptical whether this is actually the real bull run they were expecting, major assets in the cryptocurrency industry have been rallying in recent weeks despite some negative news spreading across the industry.
The five biggest gainers in Bitcoin mining stocks
bitcoin mine Riot Blockchain, Hive, Marathon Digital, Hut8 and Bitfarms have been in the green since the beginning of this week, with each gaining at least 10% in value.
According to MarketWatch data, the value of Riot Blockchain (RIOT) has increased by as much as 43% this week. Shares closed at $6.13 in after-hours trading on Thursday, after rising 14.5% on the same day.
Related reading: Why Bitcoin mining hashrate may not be out of the woods yet
Hive Blockchain Technologies was in green yesterday. HIVE has increased by almost 40%, up 37.6% in the last 24 hours. It closed at a trading price of $3.21 and so far its weekly gain has reached around 76%.
Digital marathon warehousewith the MARA ticker saw a significant gain on Thursday and rose 30.9% to close the day at $6.76. According to MarketWatch, the mining company is up 65% since the beginning of the week.
After recently announcing a 2022 mining target of 3,568 BTC and increasing its reserves by 65% to 9,086 BTC, Hut8 Mining Corp (HUT) shares surged 22.2% on Thursday, ending the day with a trading price of $1.38.
Bitfarms (BITF) has not been left unaffected by the ubiquitous rebound, with prices increasing by 73% since Monday. BITF gained 44.3% on Thursday, ending today’s session at $0.94.
However, despite the bullish trend in Bitcoin mining stocks, they are still far from their peak considering the impact that will take place in 2022 on the value of the asset.
Cryptocurrency stocks are rising
Not only are mining companies currently experiencing a bullish cycle, but prominent bitcoin investor MicroStrategy (MSTR) has surged 30% since Monday morning and ultimately ended Thursday’s trading session at a trading price of $208.
Coinbase COIN also increased by 8.6% yesterday and is currently trading at $47.55.
Meanwhile, the global cryptocurrency market capitalization has seen a massive enhance over the past few days, increasing its total market capitalization by almost $100 billion. Cryptocurrency pioneer Bitcoin has been printing greens since the beginning of this year, increasing demand for mining supplies.
Featured image from Freepiks, chart from TradingView
