Crypto takes over traditional stock market with $7.1 trillion tied to crypto and Web3 shares
- Top four cryptocurrency-related stocks on Nasdaq offered double-digit gains over the past five days.
- A collection of 24 global crypto stocks related to cryptocurrency mining, trading and investing have posted over 90% gains in 2021.
- $7.1 trillion worth of stocks is tied to cryptocurrencies and decentralized application projects of Web3.
Cryptocurrency-linked shares are outperforming traditional stocks. Stocks such as Coinbase, CME Group and Hut 8 mining corp are leading the way with double-digit gains as Bitcoin is on the cusp of a new all-time high.
Two dozen crypto stocks have posted 91% in gains this year
Over two dozen global cryptocurrency stocks linked to mining, investing, and trading crypto have posted over 91% gains. Bloomberg curated this group of two dozen crypto companies that outperformed the energy, financial and technology sectors.
As BTC continues its upward climb, stocks of companies that dabbled in cryptocurrencies are at the top of the stock market leaderboard.
Crypto-linked equities surge amid Bitcoin rally.
Craig Erlam, a senior market analyst at a foreign-exchange company Oanda, believes that
It remains to be seen if the ETF listing will stoke the next surge in Bitcoin prices or end up being an opportunity to take profits. Either could be the trigger for some pretty wild price action in the cryptocurrency space.
Crypto mining companies Marathon Digital Holdings Inc, Hut 8 Mining Corp and Bitfarms Ltd., are up over 180% since the beginning of 2021.
Since SEC’s approval of ProShares’ Bitcoin ETF, Coinbase (COIN) has posted nearly 24% gains, and Hut 8 Mining Corp (HUT) gained 21% on Nasdaq. Bitcoin price flirted with its all-time high, and analysts have a bullish outlook on BTC.
FXStreet analysts have evaluated the BTC price trend and predicted that Bitcoin would make a new all-time high before retracing to $58,000.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
