Bitcoin rally to $52k lifts US crypto stocks to outsized gains

Bitcoin’s brief rally to $52,000 has lifted the shares of several US-listed crypto-focused firms.

Data from CryptoSlate showed that the flagship digital asset’s price surged more than 6% to as high as $52,021 during the reporting period before retracing just below the psychological resistance as of press time.

CryptoSlate Insight reported that this positive price movement propelled BTC’s market capitalization to $1 trillion, joining an exclusive of assets that include major technological companies like Meta, Amazon, and Microsoft. In addition, a separate report observed a significant uptick in Bitcoin whales—entities holding 1,000 BTC or more—during its run-up to the new peak.

Crypto stocks rally

Following this rally, various crypto-related firms have witnessed significant upticks in their stock prices during early trading hours.

Notably, the shares of leading crypto exchange Coinbase surged by 6.71% to $150, while Robinhood saw a 14.44% increase to $13.56.

Similarly, MicroStrategy, a prominent advocate for Bitcoin and the largest public holder of the top crypto, saw its MSTR stock rise by 9% during early trading hours. As a result, the company’s stocks have risen to $756, its highest level since 2021.

In addition, crypto mining companies have also experienced substantial gains in their share prices, reversing the previous day’s downward trend.

Iris Energy’s stock registered the most significant uptick, soaring by 19.22% to $8.25, followed closely by CleanSpark, which surged by 14.79%. Marathon Digital‘s stock also spiked by 13.22%, while Riot Platform’s witnessed a 10.36% growth.

These positive performances and the significant inflows observed in the newly launched spot Bitcoin exchange-traded funds (ETF) reflect the surging interest in crypto-related investments.