Crypto-related stocks climb as bitcoin approaches $44K resistance (Cryptocurrency:BTC-USD)

12/08/2023 23:48
Crypto-related stocks climb as bitcoin approaches $44K resistance (Cryptocurrency:BTC-USD)

Cryptocurrency-linked stocks and Bitcoin showed a positive trend, with cardano, Ethereum, solana, and avalanche also gaining, while the global crypto market...

Digitized Bitcoin Symbol

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Cryptocurrency-linked stocks were in the green in Friday late morning trading as bitcoin (BTC-USD) crept back up to the $44K resistance zone.

The oldest and biggest digital token (BTC-USD) rose 0.3% to $43.8K at 11:48 a.m. ET, slightly trailing the $44K mark that bitcoin has been stubborn to break out over the past few sessions. BTC is up over 24% M/M and 162% YTD.

Leading the way, cardano (ADA-USD) gapped up some 23% to $0.56, bringing its M/M gains to nearly 60%. Ethereum (ETH-USD), the largest altcoin by market cap, advanced 0.6% to $2.35K, solana (SOL-USD) gained 10.9% and avalanche (AVAX-USD) +4.3%.

Overall, the global crypto market value increased 1.4% to $1.63T, according to CoinMarketCap data.

Crypto-focused stocks were on the rise, too, including Bitfarms (BITF) +17.3%, CleanSpark (CLSK) +12.2%, Hut 8 (HUT) +8%, MicroStrategy (MSTR) +4.3% and Coinbase Global (COIN) +4.9%.

Earlier, J.P. Morgan revised his ratings on two bitcoin miners to reflect month-to-date increases in bitcoin itself and the network hashrate, upgrading Riot Platforms (RIOT) to Neutral from Underweight and downgrading CleanSpark (CLSK) to Neutral from Overweight.

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