Bitcoin (BTC) Mining Stocks Soar Amid Crypto Market Rebound

  • The top five BTC mining companies have seen double-digit gains.
  • Cryptocurrency mining stocks remain well down from their highs.
  • Coinbase and MicroStrategy also saw a massive trading week.

Cryptocurrency prices aren’t the only ones witnessing upside actions this week. BTC mining stocks record uptrends amidst revived market momentum. In addition, this week has seen share prices in leading publicly listed BTC mining firms skyrocketing.

Such developments emerged amid a broad market rally that saw the crypto industry adding nearly $100B on capitalization within the previous week. In addition, BTC has gained over 13% since 2023 started, triggering increased demand for crypto mining stocks.

BTC mining companies Bitfarms, Hut8, Hive, Marathon Digital, and Riot Blockchain have attracted attention this week, following double-digit gains within the last few days.

BTC Mining Stock Revival

MarketWatch revealed that Riot Blockchain (RIOT) had gained around 43% in the past seven days. Furthermore, the shares closed near $6.13 in Thursday’s after-hours, following a 14.5% surge during the day.

Marathon Digital (MARA) saw its price surging a staggering 30.9% during Thursday’s session, finalizing the day near $6.76. Meanwhile, the mining company saw its share prices gaining 65% since early on the week (MarketWatch data). Hive Blockchain Technologies also saw a better day on Thursday.

HIVE price gained a notable 37.6% to end the day at around $3.21. Moreover, the mining stock surged an enormous 76% within a week. Meanwhile, Hut 9 Mining (HUT) soared 22.2% yesterday, closing Thursday at $1.38. Also, the BTC mining company witnessed a massive week, with its share price climbing by 51% since the 9 January market opening.

Hut 8’s reports of early this month indicated that the firm mined 3,568 $BTC in 2022. That had its reserves hitting 9,086 BTC – a 65% uptick. Furthermore, the company emphasized that it will maintain its hodl strategy.

Bitfarms (BITF) saw even better 7-day trading, with the company’s share gaining 73% over the past week. BIFT ended Thursday’s session near $0.94, following a 44.3% increase. Nonetheless, beware that most of the mining companies deteriorated in 2022. Thus, their stock prices remain well down from their respective peaks.

Other Cryptocurrency Stocks Soar

Leading BTC investor MicroStrategy also witnessed a solid stock trading week. MSTR surged 30% since early Monday. Meanwhile, the shares ended Thursday’s session near $208. Also, Coinbase resurrected after its latest all-time lows, gaining approximately 40% within a week. COIN prices gained 8.6% on Thursday to trade near $46.70.

BTC Price Action

Bitcoin continues to record impressive moves. The bellwether crypto gained 3.48% over the past 24 hours to trade at $18,885.99. That has seen most altcoin painting their daily charts green. Moreover, the global crypto market capitalization surged 1.77% over the past day to $902.88 billion.

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