Bitcoin's surge to $68,490 marked its highest price since July, driving gains in crypto stocks like MicroStrategy and Coinbase.
The "Fear and Greed" index climbed to 73 points, signaling increasing confidence in the crypto market amid Bitcoinâs recovery.
Premarket trading saw significant increases for crypto stocks, including MicroStrategy, Coinbase, and Marathon, as Bitcoinâs price rally continued.
The shares of major crypto companies rose higher as Bitcoin passed $68,000. MicroStrategy, one of the biggest corporate Bitcoin holders, saw its shares rise by 6.6%, and Coinbase, the top US crypto exchange, saw its stocks go up by 5.4%. Coinbase once again led the indices with a gain of 6.54%, while Marathon Digital and Riot Platforms, which are involved in Bitcoin mining, also followed the trend with respective gains of 3.78% and 5.76%.
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The highest daily range for digital assets today was attested by the benchmark Bitcoin price on the Bitstamp platform, which was at $68,490, the highest since July when the flagship crypto surged to $70,016. But the market had a correction shortly after that, as Bitcoinâs price fell by almost a third to $49,577.Â
This recent rally has again buoyed expectations and confidence in the market. In September, while the market expected declines, Bitcoin rather spiked a 7.35% recovery after Augustâs previous uptick of 8.74%. This sentiment is further supported by much higher open interest in CME Bitcoin futures, with open interest hitting a record high.
Premarket Gains for Crypto Stocks
Crypto stocks also performed well in premarket trading, supported by Bitcoinâs rise. Coinbase Global increased by 2.2%, Bitfarms added 2.1%, and MicroStrategy saw a 2.3% rise. Riot Platforms and Marathon Holdings followed with gains of 2%, while ProShares Bitcoin Strategy ETF and iShares Bitcoin Trust rose by 1.5%. This overall positive trend highlights the connection between Bitcoinâs price movements and the broader crypto sector.
Besides increased hopes in the stocks, analysts continue to have high but guarded expectations on the further run of Bitcoin and related shares. The stride for the bulls may mean that market participants may take it even higher if sentiment stays good. The market price of Bitcoin is still volatile, but investors are interested because the Bitcoin market is recovering from the previous drop.
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