Volatility, your name is cryptocurrency. AND cryptocurrency stocks, to a lesser degree. As trading closed on Wednesday, we found a wide range of cryptocurrency stocks, from Coinbase (NASDAQ: CURRENCY) and anti-riot platforms (NASDAQ: MOVEMENT) to Digital Marathon (NASDAQ: MARA) and Microstrategy (NASDAQ:MSTR) all closing higher. And the reason for this universal gain? bitcoin (USD-BTC) won to clear $30,000 per coin for the first time since late April.
The good news for Bitcoin HODLers is that the traditional financial giants have returned to the market, likely on the back of Federal Reserve Chairman Jerome Powell's suggestion that rate hikes, halted in the most recent session, may be returning in later sessions to continue advancing. address inflationary pressures. With Black Rock (New York Stock Exchange:BLK) still on the lookout for setting up a Bitcoin exchange-traded fund (ETF) in the US, that's giving the crypto some extra fuel to run.
So it's no surprise that some of the stocks most closely related to cryptocurrency, especially Bitcoin, are having a field day. Microstrategy is widely known for its Bitcoin holdings and was known to have its share price fluctuating in accordance with changes in the Bitcoin price. Coinbase remains one of the leaders, if not the leader, in cryptocurrency exchanges. Marathon Digital recently entered EDX Markets, a new crypto exchange offering support from a variety of Wall Street firms. And Riot Blockchain, which mines Bitcoin, is largely self-explanatory as to why it won.
All four actions finished, though not to the same extent. Shares of Marathon Digital Holdings, a strong buy by analyst consensus, have the most upside potential and the second-highest gains of the four in question. With a $14.75 average price target, it offers investors 20.8% upside potential. Meanwhile, the smallest gainer today, Coinbase stock, a hold, may only offer 1.29% upside potential over its $58.85 average price target.
