Bitcoin (BTC-USD) has climbed to a dazzling five-month high of $72,567. This recent surge, a solid 5.68% increase in just 24 hours, is fueled by a whopping $417 million in spot ETF inflows. With investors flocking to crypto, the excitement is palpable as Bitcoin inches closer to its March record of $73,700. According to Farside Investors, BlackRock’s iShares Bitcoin Trust (IBIT) alone brought in $315 million, swelling its total assets to an impressive $28 billion.
Crypto Stocks Struggle to Keep Up
However, while Bitcoin basks in the limelight, many crypto stocks are barely keeping their heads above water. MicroStrategy (MSTR), known for its aggressive Bitcoin acquisition strategy, saw only a modest 0.9% uptick in its stock. Coinbase (COIN) and Marathon Digital Holdings (MARA) fared slightly better, rising by 1.2% and 1.4% respectively. It seems that after their previous impressive run, the stocks are now treading water as investors take a breather.
Bitfarms Shines in a Sea of Red
Interestingly, the real star among crypto miners is Bitfarms (BITF), which surged by 5.3% after announcing the nomination of Andrew Chang, former COO of stablecoin issuer Paxos, to its board. This move is particularly noteworthy as it comes amid a proxy battle with Riot Platforms (RIOT). The nomination might just tip the scales in Bitfarms’ favor, potentially altering the dynamics in the ongoing takeover bid.
Which Is the Best Crypto Stock?
Even as Bitcoin basks in its newfound glory, some analysts speculate that the hype surrounding upcoming elections could be playing a role in its surge.
For some investors, looking at crypto stocks instead of just Bitcoin can be more suitable to them for a few reasons. First, crypto stocks often offer a diversified exposure to the cryptocurrency market through companies involved in mining, trading, or technology development. This can reduce risk compared to holding Bitcoin directly.
Plus, some of these stocks might even pay dividends, offering a little extra cash flow. And let’s be honest—if you prefer the comfort of traditional brokerage accounts, trading stocks can feel a lot easier than navigating crypto wallets and exchanges.
Investors can use TipRanks’ Stocks Comparison tool to see which crypto stock best suits their investing needs.
