RIOT - Why Crypto Mining Stocks Cruised Higher Today
2023-09-12 18:27:17 ET
For obvious reasons, the value and performance of cryptocurrency mining stocks are heavily dependent on the trajectory of cryptocurrency prices. Where the leading coins and tokens go, the miners tend to follow.
This was the dynamic in effect on Tuesday, with a score of miners seeing decent, if unspectacular, stock price rises on the day. Among these were Riot Platforms (NASDAQ: RIOT) , with a nearly 4% gain, Bitfarms (NASDAQ: BITF) outpacing it slightly with a 4.5% advance, and TeraWulf (NASDAQ: WULF) and HIVE Digital Technologies (NASDAQ: HIVE) lagging a bit with respective 3.5% and 2.5% increases.
Those gains more or less mirror the performance of the leading cryptocurrency, which, as most of the world knows by now, is Bitcoin . Over the preceding 24 hours, as of late afternoon Tuesday, Bitcoin's price had risen by 4%. Other leading coins and tokens were also in positive territory; Ethereum , for example, had improved by 3.6%.
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Why Crypto Mining Stocks Cruised Higher Today