Crypto Mining Stocks: The Success of Crypto Mining Stocks
Cryptocurrency mining stocks showed outstanding performance last week, ranging from a substantial 38% gain to a remarkable 101% gain Month-to-Date (MTD).
Stocks like RIOT, HIVE, BITF & MARA, specializing in cryptocurrency mining, are profiting from reduced energy costs and Bitcoin’s bullish surge above $20K USD.
Cryptocurrency mining stocks experienced significant sell-offs during the bear market due to a dual challenge – soaring global energy expenses and an 80% decline in BTC’s price, pushing several mining companies towards potential liquidation.
However, MARA (Marathon Digital Holdings) recorded an enormous volume of 78M on Friday last week, surpassing the daily average of 20.96M. The volume surged over 376% from its daily average, coupled with the stock price climbing over 100% MTD, suggesting investors are returning to these speculative stocks that move in tandem with the cryptocurrency market.
These are the four cryptocurrency mining stocks on my watchlist for 2023!
I highlighted a purchase I made in RIOT on December 1st in the Trading Floor. RIOT is presently up approximately 40% since that post.
Conclusion:
As you consider the promising future of crypto mining stocks, utilize our Compound Calculator Australia to strategically plan your investments in the blockchain mining sector. This tool will help you project potential earnings and optimize your investment decisions, allowing you to make the most of the current market trends. Start calculating your potential gains and join the wave of successful investors today!
As always, I’ll update you on any short-term trading opportunities in our Trading Floor service and telegram over the next few days.
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Wishing you success in the markets.
Tony Fernandez
Head Market Analyst
