[CryptoNews]
The price growth in the cryptocurrency market has resulted in big wins for several sectors including Bitcoin (BTC) miners, blockchain-based firms, and yield farmers.
Bitcoin miners have recorded over 10% stock growth as the asset’s price trades near $35,000, close to its 17-month high.
Marathon Digital Holdings (MARA) has posted a 10.54% uptick in its share price trading at $9.86. Similar positions can be seen in Riot Platforms (RIOT) and CleanSpark (CLSK) with increases of 10.68% and 12.08% respectively.
This is not the first time mining-related stocks have notched higher since the price of bitcoin moved past $30,000 signaling a good few weeks for the market and miners who have spent long months in the woods.
In previous months, digital asset miners have posited losses due to declining prices occasioned by a wider market downturn and huge industry collapses. While the price of bitcoin fell over 55% last year, market-tightening regulations on miners made the situation worse.
To survive, miners had to think outside the box with some selling equipment and others selling their Bitcoin reserves while trying to stay afloat until the next bull market.
This year has seen a new turn as miners have started racking up their BTC holdings with eyes set on the halving event which could potentially usher in another bull cycle.
Marathon Digital has posted a 188% growth in its stock price this year with Riot Platforms and CleanSpark recording 231% and 128% in the same period.
If you're a crypto trader who believes that a crypto + equity bull market is around the corner, I'd implore you to focus on #Bitcoin mining stocks to generate the most alpha.
YTD returns for miners vs. altcoins
$MARA +188%
$RIOT +231%
$CLSK +128%
$TOTAL.3 +27% pic.twitter.com/5gFz9B4Ipj
— Caleb Franzen (@CalebFranzen) November 2, 2023
Institutional products see growth
The effect of soaring prices can be seen around digital asset-based products across several regions. Last week, digital asset products recorded an 18-month inflow high of $326 million with Bitcoin making up 90% of inflows.
Bitcoin products saw inflows of $296 million while short Bitcoin products also posted gains of $15 million after several weeks trading between $1 million- $2 million.
Digital asset investment products register record $326M in inflows, led by Bitcoin and Solana. #CryptoNews $BTC $SOLhttps://t.co/ANaqWd6VES
— Cryptonews.com (@cryptonews) October 30, 2023
On the altcoin axis, Solana (SOL) became the biggest winner with $24 million maintaining its position as an institutional favorite while Ethereum (ETH) recorded outflows of $6 million.
Spot ETF on the horizon
The major reason for the rise in miner stocks and inflows into digital asset products is the rising prices of cryptocurrencies after several months in the red zone.
According to experts at CoinShares, the optimism of a potential spot BTC ETF approval by the Securities and Exchange Commission (SEC) continues to drag huge investments in the sector as top firms have projected possible approval in 2024.
Monthly inflows are now over $400 million although the United States boasts of only 12% with the majority being recorded in Canada, Germany, and Switzerland with $134 million, $82 million, and $50 million respectively
The post Bitcoin Miners Record 10% Stock Growth As Asset’s Price Surge appeared first on Cryptonews.
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