It’s another winning day for Bitcoin (BTC-USD) as it cleared the $57,000 mark before tracing back slightly in Tuesday morning’s trading session. The move also bolstered several Bitcoin stocks. Marathon Digital Holdings (NASDAQ:MARA) and HIVE Blockchain (NASDAQ:HIVE) were up fractionally, while Coinbase (NASDAQ:COIN) was up nearly 3%. The clear winner was Microstrategy (NASDAQ:MSTR), which surged over 10% in the session. However, Riot Platforms (NASDAQ:RIOT) slid on the news, down over 4% at one point.
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The latest surge is directly connected to the upcoming halving, which will see the value of each completed block of equations drop by half. This will reduce the amount of new supply coming into the Bitcoin ecosystem.
This is bringing us closer to record highs, and it’s entirely possible that the market will take this as a challenge and push it up even further. That’s the assessment of LMAX Group market strategist Joel Kruger. There’s still a long way to go before that record of $68,982.20 will hit, but it’s looking more and more possible with each passing day.
Which Bitcoin Stocks Are a Good Buy Right Now?
Turning to Wall Street, MARA stock is the laggard in the field right now. This Hold-rated stock comes with a 26.39% downside risk thanks to its average price target of $21.67 per share. Meanwhile, the leader is HIVE stock, as this Moderate Buy comes with an average price target of $6.17 per share, yielding an upside potential of 43.32%.
