It’s a feat that hasn’t been seen since December 2021, and cryptocurrency enthusiasts the world over are likely at least a little amazed. Bitcoin (BTC-USD) had temporarily cleared the $50,000 mark, causing several crypto stocks to surge.
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Coinbase (NASDAQ:COIN) got the lightest help, up only—if you can call it that—about 6%. HIVE Blockchain (NASDAQ:HIVE) added over 9%, while Microstrategy (NASDAQ:MSTR) surged over 12%, as did Riot Blockchain (NASDAQ:RIOT). The winner, though, was Marathon Digital (NASDAQ:MARA), who blasted up a whopping 14% in Monday afternoon’s trading.
Reports note that “positive sentiment” is adding a lot of extra life to Bitcoin purchases as exchange-traded funds are picking up steam. Outflows from those platforms are slowing, and there are signs that inflows are making a comeback, putting more cash into the system overall.
The Halving Approaches
There’s an event in the making that’s all but certain to push Bitcoin’s value higher, though how much of that event is priced in is unclear. It’s known as the “halving,” in which the number of Bitcoin generated through a solved code block is cut in half. That will make Bitcoin much tougher to find, which should, according to even basic economic principles, send individual coin prices up.
Which Bitcoin Stocks Are a Good Buy Right Now?
Turning to Wall Street, the current laggard in the crypto sector is MARA stock. With a 20.56% downside risk, this Hold-rated stock has an average price target of $21.67 per share. Meanwhile, the leader is HIVE stock, as this Moderate Buy with an average price target of $6.17 per share offers investors a 56.6% upside potential.
