BITF - Bitcoin Surged 4% Today but These 3 Bitcoin-Adjacent Stocks Soared Much Higher
As of 1 p.m. ET today, Bitcoin (CRYPTO: BTC) is leading the march in the crypto sector upward, surging 4.6% higher over the past 24 hours. This move is a continuation of some strong performance for the world's largest cryptocurrency this week, which has gone from below $20,000 seven days ago to breaching the $23,000 mark in early afternoon trading today.
Aside from the obvious effects Bitcoin's move has had on other tokens, crypto-adjacent companies are also seeing tremendous upside today. Specifically, Bitcoin miners Bitfarms (NASDAQ: BITF) and Hut 8 Mining (NASDAQ: HUT) have appreciated 16% and 10%, respectively, from yesterday's close. And Bitcoin mining equipment company Canaan (NASDAQ: CAN) has also caught a bid today, up 7.6% from yesterday's close.
The price of Bitcoin is generally the "gold standard" in the crypto sector, upon which other token prices are denominated. Outside of U.S. dollars, investors often want to know how much Bitcoin it will cost to acquire another token. Thus, Bitcoin is often thought of as a unit of exchange for most investors in this realm.
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Bitcoin Surged 4% Today, but These 3 Bitcoin-Adjacent Stocks Soared Much Higher