The weekly opening on October 23 was dominated by the rise of Bitcoin. Thanks to this significant increase, which provided a lifeline to the market, altcoins gained momentum and investors made substantial profits. This rise also helped stocks of Bitcoin-focused companies such as Coinbase and MicroStrategy reach new highs.
Notable Gains from Mining Companies
Bitcoin mining stocks achieved significant gains amidst the rise in Bitcoin price. Riot Blockchain, listed in the US, experienced an 11.69% increase, while Marathon Digital Holdings saw a 14.6% rise. The upcoming halving event, scheduled for April 2024, where the mining reward will be reduced from 6.25 BTC to 3.125 BTC per block, likely contributed to the price increase.
Bitcoin mining stocks not only outperformed Bitcoin in terms of daily price increase but also in terms of gains since the beginning of the year. Cipher Mining Inc. saw a 356% rise compared to Bitcoin’s 86% gain since the beginning of the year.
Similarly, Riot Platforms experienced a growth of 163.10% since the beginning of the year, while Northern Data AG, a GPU miner based in Frankfurt, saw a 291% increase. Mining companies such as Hut 8 Mining Corp, Iris Energy, Bitfarms, Marathon Digital, and Hive Technologies also experienced growth of over 100% since the beginning of the year.
Rise Continues in Bitcoin-focused Companies
Along with publicly traded Bitcoin mining companies, other publicly traded Bitcoin-focused firms such as Coinbase and MicroStrategy also reached their highest levels in several weeks. Coinbase stocks were up 9% at the time of writing, while MicroStrategy, the largest publicly traded Bitcoin holder, recorded an 11% increase on daily charts.
MicroStrategy’s Bitcoin investments have turned profitable for the third time this year. The profit from BTC assets dropped by up to 50% during the bear market. Currently, MicroStrategy holds 158,245 Bitcoin with a total investment of $4.68 billion, averaging $29,582. The company’s investment is now worth $5.5 billion, indicating approximately $1 billion in unrealized gains.
