Bitcoin (BTC-USD) resumed its bull run on Monday after weeks of trading sideways, a move that pulled up cryptocurrency-related stocks.

The largest and oldest digital token (BTC-USD) climbed 4% to $53.4K at 11:17 a.m. ET, making new highs for the year. Prior to the ascent, bitcoin had consolidated in a narrow range just above $50K since mid-February.

Crypto-tied stocks, in turn, ripped higher, with Marathon Digital (MARA) +19.4%, Riot Platforms (RIOT) +13.4%, Bitfarms (BITF) +15.1%, CleanSpark (CLSK) +25.3%, MicroStrategy (MSTR) +16.5% and Coinbase (COIN) +12% all logging strong gains.

The upswing came as MicroStrategy (MSTR), the largest corporate holder of bitcoin (BTC-USD), disclosed another BTC purchase, perhaps giving market participants a reason to jump in. SA analyst Nikolai Galozi, however, thinks bitcoin is poised for a "sizeable midcycle correction," citing historical patterns and macroeconomic signals.