The recent upturn in the cryptocurrency market, led by the flagship decentralized finance (DeFi) asset Bitcoin (BTC), has given wings to Bitcoin mining companies’ stocks, as their price in terms of weekly performance is recording substantial gains.
Specifically, the surge in the BTC price has resulted in most Bitcoin mining companies posting stock price increases, according to the recent information shared by the cryptocurrency market data aggregation and analytics platform CryptoRank on March 20.
Bitcoin mining stocks advance
As the chart indicates, the Cipher Mining (NASDAQ: CIFR) stock has climbed 75.8% over the past week, followed by Marathon Digital (NASDAQ: MARA) with a 53.3% increase, Riot Blockchain (NASDAQ: RIOT) at 52.8%, Hut 8 Mining (TSE: HUT), which has gained 49.2%.
Furthermore, other blockchain stocks involved in Bitcoin mining that have recorded significant weekly gains include Digithost Technology (CVE: DGHI) at 43%, HIVE Blockchain (CVE: HIVE) at 29.8%, Bit Digital (NASDAQ: BTBT) at 27%, Core Scientific (OTCMKTS: CORZQ) at 26.3%, Argo Blockchain (LON: ARB) at 24.4%, and Bitfarms (TSE: BITF) at 23.9%.
Bitcoin price analysis
Meanwhile, Bitcoin was at press time changing hands at the price of $28,256, demonstrating an increase of 0.12% on the day, 3.80% across the previous week, and 26.20% on its monthly charts, as per the latest data retrieved by Finbold from the crypto tracking platform CoinMarketCap.
As it happens, the latest bullish rally in the crypto industry arrives as the banking sector is struggling with multiple large-scale collapses amid a crisis threatening to engulf more financial institutions, which has led some Bitcoin advocates to suggest buying more of the second-largest digital asset by market capitalization.
At the same time, a long-term Bitcoin critic and CEO of Euro Pacific Capital, Peter Schiff, has predicted that the world would eventually shift from fiat to digital currencies due to the dollar’s rapid devaluation, but he does not believe BTC will be one of them, as Finbold reported earlier.
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