Crypto Stocks Enjoy Day in Sun After Bitcoin Revival

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Crypto Stocks Enjoy Day in Sun After Bitcoin Revival

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The decidedly bullish outlook for Bitcoin over the past two days has certainly boosted sentiment in the stock market for companies involved in crypto and blockchain. According to the Bloomberg Galaxy Crypto Index, which tracks a basket of the biggest tokens, the value of these crypto stocks have jumped almost 30%, well on its way to a fifth consecutive week of gains after months of subdued activity.

The sudden climb for Bitcoin, which some are still wondering if an April Fool’s joke had anything to do with it, continued to record new highs in the past 24 hours, trading for as much as $5,315 in evening US trading before Asian markets sheared off some of those gains today.

The US small-cap crypto stocks were the main benefactors after Wall Street ended trading, with stocks like Riot Blockchain Inc extending a 12% gain by the same amount, touching $5.42 before shedding the gains. Others like DPW Holdings Inc and MArathon Patent Group Inc also continued to climb after the close.

The joy continued in Asia as Remixpoint Inc in Japan saw a 16% hike today to complete a 26% gain in four days, while Vidente Co has increased by 20% since Saturday.

The biggest winner for now appears to be billionaire crypto angel Mike Novogratz, whose shares of Galaxy Digital Holdings Ltd is up 160% today from a year ago. The Toronto-listed company will be breathing much easier after a 2018 fiasco when its trading desk lost USD 136 million in nine months.


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