CAN - Why Crypto Mining Stocks Were on Fire This Week
2023-10-27 17:45:39 ET
This week was a good time to be invested in cryptocurrencies. And, it follows, the period was also a fine one for holders of crypto mining (plus mining equipment) stocks.
According to data compiled by S&P Global Market Intelligence , sector leaders Marathon Digital Holdings (NASDAQ: MARA) and Riot Platforms (NASDAQ: RIOT) both landed well in positive territory. They rose a respective 14% and 8% over the week. Other winners included Canaan (NASDAQ: CAN) , with a 13% pop; CleanSpark (NASDAQ: CLSK) and its 6% advance; and Cipher Mining (NASDAQ: CIFR) , up a meaty 28%.
For much of October, cryptocurrencies and related assets have generally been on an upswing. The most immediate catalyst for this is, somewhat oddly, a type of crypto investment that isn't actually available on the market yet.
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Why Crypto Mining Stocks Were on Fire This Week