Prominent firms involved in the cryptocurrency space saw a sharp spike in share prices after Bitcoin’s price rose by 1.18% earlier today.
The companies driving the spike are Coinbase Global, Bitfarms, and MicroStrategy, with advances of about 2%, 1.2%, and 1.42%, respectively.
In addition, Hut 8 Mining’s U.S.-listed shares and Riot Platforms witnessed gains of 2.3% and 1.7%, respectively, while Marathon Digital Holdings beat its competitors with a 3% boost.
Marathon Digital leading surge
The most recent production update from Marathon Digital is the reason for the stock’s significant increase in value. A total of 12,852 Bitcoins were mined in 2023, with the business reporting a record production of 1,853 in December of that year.
Their operational hash rate increased by 18% month over month to 22.4 EH/s, which contributed to this production boom.
With more than 15,000 Bitcoins in its possession, the company’s entire cash and Bitcoin assets are estimated to be worth $1 billion.
Recovery in crypto market
Leading cryptocurrencies like Bitcoin and Ethereum are seeing increases, indicating that the larger cryptocurrency market is beginning to recover.
Based on the most recent statistics available on CoinGecko, the price of Bitcoin is $43,365 right now, up 1.2% over the last seven days.
Following suit, Ethereum’s price is at $2,239, up 6.9% over the last week and 0.9% over the past 24 hours.
Significant cryptocurrencies including as BNB, Solana, and XRP all saw increases, which added to the market’s optimistic outlook.
After a significant market fall due to rumours that the U.S. Securities and Exchange Commission may reject several spot Bitcoin exchange-traded fund (ETF) applications, the market as a whole is showing signs of recovery.
