The recent Bitcoin rally is driving the top cryptocurrency stocks in the market higher.
Bitcoin has surpassed $52.000 per unit. According to data from the CoinMarketCap platform, the price of Bitcoin rose by 6% in the last few hours, reaching a total of $52.300 at the time of writing this article.
The market-leading cryptocurrency has been bullish since late January, gaining an average of 30% during this time.
Likewise, several major Bitcoin and cryptocurrency-related stocks are on the rise, reacting positively to the Bitcoin rally.
Bitcoin Surpasses $52.000
The increased institutional interest in Bitcoin and the growing expectations around the halving, coming in April, are driving the BTC bullish rally in the market.
Source: CoinMarketCap
According to data from the cryptocurrency price monitoring platform, daily trading volume in Bitcoin has increased by almost 30% in the past few hours, reflecting the demand that the cryptocurrency is currently experiencing.
Anthony Pompliano, a veteran Bitcoin entrepreneur and investor, recently highlighted how the approval of spot ETFs in the United States is accelerating the institutional adoption curve of BTC. Pompliano shared data on the spot Bitcoin ETF launched by BlackRock, indicating that it has managed to raise $5.000 billion in less than 5 weeks.
According to Pompliano, 80% of the Bitcoin in circulation on the market has not moved in the last 6 months, so BlackRock's spot ETF has absorbed 2,5% of all tradable bitcoins, currently.
MicroStrategy shares rose more than 12%
Shares of MicroStrategy (MSTR), currently the largest institutional investor in Bitcoin, are up more than 12% over the past 24 hours, accompanying Bitcoin's bullish rally.
According to data consulted by Yahoo Finance, the gain of these shares is more than 43% in the last week, which means that each share of the business intelligence company has appreciated by approximately $230 dollars.
At the time of writing, MicroStrategy shares are trading above $760 per share.
CEO Michael Saylor announced this week that he intends to make his company the first public company to dedicate itself to developing Bitcoin software, which represents a significant step forward for BTC and the crypto industry in general.
Source: Yahoo Finance
In addition to MicroStrategy stock, other Bitcoin-related companies such as Marathon Digital Holdings (MARA), Rot Platforms (RIOT), and Bitfarms (BITF) have also seen their stock values rise this week. For example, Marathon Digital Holdings shares rose 14% on Wednesday, while Rot Platforms and Bitfarms rose 11,5% and 15,95%, respectively.
On the other hand, the main altcoins in the market are also accompanying the Bitcoin rally, rising up to 6% in the case of Ethereum (ETH), Solana (SOL), Cardano (ADA), Ripple (XRP), Avalanche (AVAX) and Dogecoin (DOGE), which are in the Top 10 of the crypto market, and 29% in the case of Stacks (STX), which is directly related to Bitcoin.
Stacks is a Layer 2 solution designed to integrate smart contracts and decentralized applications (DApps) on the Bitcoin blockchain.
Continue reading: Bitcoin's adoption curve is comparable to that of great inventions that revolutionized the world
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
