2024-01-02 16:41:12 ET
The stock market has been off since Dec. 29, but the crypto market has been open, leaving four days of catch-up for equity investors. So, a relatively modest move of 3.6% over the last 24 hours for Bitcoin (CRYPTO: BTC) has driven a double-digit increase in crypto-related stocks.
If we go back to the market close on Friday, Bitcoin's value is up 7.3% after a big increase in value on Monday. MicroStrategy (NASDAQ: MSTR) responded by jumping as much as 15.2% in early trading Tuesday, and Bitcoin miner Riot Platforms (NASDAQ: RIOT) was up 10.6%. The two stocks are up 9.6% and 0.8%, respectively, at 3:00 p.m. ET.
There was a crypto rally to start 2024, and gains were widespread across the market. But the biggest tokens have seen the most gains as there's a flight to quality in both crypto and the stock market. That's why Bitcoin and Ethereum are up over the last few days, while Solana , Binance , and XRP are about flat.
For further details see:
Why Bitcoin, MicroStrategy, and Riot Platforms Popped to Start 2024