RIOT - Volatility Spiked in the Cryptocurrency Mining Space This Week -- Here's Why
This week was a rather volatile one for the investors in cryptocurrency miners. And that's saying something.
U.S.-based Riot Blockchain (NASDAQ: RIOT) has performed better than its peers, posting weekly intraday highs of nearly 40% this week, from last Friday's close. Rival Canaan (NASDAQ: CAN) also had a solid week, trading 23% higher at its peak this week compared to last, with SOS Limited (NYSE: SOS) coming in as the laggard, down approximately 30% on a week-over-week basis.
These moves reflect the kind of volatility that investors can expect in the crypto mining sector. Positive gains seen by Riot and Canaan appear to be driven by Bitcoin and Ethereum prices, which continue to hover around their all-time highs.
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Volatility Spiked in the Cryptocurrency Mining Space This Week -- Here's Why