EBON - Why Ebang International Stock Jumped Today
Shares of Ebang International Holdings (NASDAQ: EBON) jumped on Friday even though many other cryptocurrency stocks were down. This is likely because most public cryptocurrency miners only mine Bitcoin (CRYPTO: BTC) , and Bitcoin is down today. However, Ebang International also mines Dogecoin (CRYPTO: DOGE) , and Dogecoin has soared to all-time highs. As a result, Ebang International stock was up 22% as of 10:45 a.m. EDT.
In fact, Ebang International differs from many of its publicly traded peers. In the first place, it's a vertically integrated business, meaning it both creates the cryptocurrency mining machines and also mines various cryptocurrencies. Specifically, it has equipment for Bitcoin, Dogecoin, and Litecoin . Over the past 24 hours, Bitcoin is down 2% and Litecoin is flat, but Dogecoin is up a stunning 177%.
Image source: Getty Images.
For further details see:
Why Ebang International Stock Jumped Today