According to The Block: Crypto stocks demonstrated gains despite the Nasdaq and S&P 500 indexes both falling on September 14. Coinbase shares rose 1.5% to reach $81.76, while MicroStrategy grew 1.7% to $348. Crypto miners showed even better gains, with Bitfarms increasing almost 4%, and Riot platforms rising 3.7%.
Deutsche Digital Assets Head of Research André Dragosch suggested that these gains may be due to blockchain equities being oversold at present, and gains from firms like MicroStrategy or Marathon Digital should be seen as high beta plays on Bitcoin's positive trajectory from the past day. This latest performance comes after the world's largest cryptocurrency fell to three-month lows before leaping back up to surpass the $26,000 level.
While bitcoin's price has climbed 3% over the past day to $26,007 as of 2:30 p.m. ET, investors are now worried that near-term altcoin sell-offs due to FTX's asset liquidation could pose an obstacle to altcoins' meaningful price expansion. Crypto analysts suggest that the risk-to-reward ratio for altcoins has become more unbalanced, indicating that the sector is still in a bear market.
