ยฉ Reuters
The cryptocurrency market saw a significant rally on Thursday, led by a 2.32% rise to $4.32. Other notable gains were recorded by , Polygon, , , , and . It was the only major cryptocurrency to record a drop during this surge.
Shares of cryptocurrency-related companies also saw a boost, with Coinbase (NASDAQ ๐ Global, MicroStrategy, Riot Platforms, and Marathon Digital Holdings all posting gains. The rise in these stocks mirrored the rally seen in Overstock.com (NASDAQ:) and PayPal (NASDAQ:) Holdings Stock. However, not all tech stocks did the same; Block Inc. and Ebang International Holdings saw declines.
In the broader technology sector, shares of Tesla (NASDAQ:) Inc. rose on Thursday, echoing the positive sentiment seen in the cryptocurrency market. NVIDIA Corp (NASDAQ:). and Advanced Micro Devices (NASDAQ:) also saw their share prices rise.
Cryptocurrency-focused funds Bitwise Crypto Industry Innovators ETF and Amplify Transformational Data Sharing ETF also recorded growth, reflecting the overall bullish trend in the cryptocurrency market. Grayscale Bitcoin Trust, which tracks the market price of Bitcoin, also reported an increase.
This rise in the market for cryptocurrencies and related stocks underlines the growing influence of digital currencies in global markets. It also highlights the interconnectedness between traditional tech stocks like Tesla and NVIDIA and their counterparts in the crypto industry.
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