Crypto Stocks Rally as Bitcoin (BTC) Price Recovers

Shares of prominent cryptocurrency-related companies observed a notable uptick following a 1.18% increase in Bitcoin's price earlier today.

Coinbase Global, Bitfarms and MicroStrategy are leading the surge, each recording gains of around 2%, 1.2% and 1.42%, respectively.

Additionally, Riot Platforms and the U.S.-listed shares of Hut 8 Mining saw increases of 1.7% and 2.3%, while Marathon Digital Holdings outperformed its peers with a 3% rise.

Marathon Digital leading surge

The substantial growth in Marathon Digital's stock value can be attributed to its latest production update. In December 2023, the company reported a record production of 1,853 Bitcoins, contributing to a total of 12,852 Bitcoins mined throughout the year.

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This surge in production was further enhanced by an 18% month-to-month increase in their operational hash rate, reaching 22.4 EH/s.

The company's holdings now exceed 15,000 Bitcoins, with a combined total of cash and Bitcoin assets valued at approximately $1 billion.

Recovery in crypto market

The broader cryptocurrency market is showing signs of recovery, with leading digital currencies like Bitcoin and Ethereum registering gains.

According to the latest data from CoinGecko, Bitcoin is currently priced at $43,365, marking a 1.2% rise over the last seven days.

Ethereum follows suit, with a current price of $2,239 after a 0.9% gain in the last 24 hours and a 6.9% increase over the week.

Other major cryptocurrencies like BNB, Solana and XRP also experienced growth, contributing to positive sentiment in the market.

The overall market is showing a rebound after rumors about the U.S. Securities and Exchange Commission potentially rejecting a slew of spot Bitcoin exchange-traded fund (ETF) applications caused a major market correction.