[This Bitcoin mining stock soared 300% in one day]
While 2024 has been a bright year for tech and crypto stocks, with MicroStrategy up 420.42% year to date, small-cap Bitcoin mining company BTC Digital Ltd. (NASDAQ: BTCT ) has seen even more impressive gains. On November 12, BTCT stock price soared 316.67% in a single day, from $2.52 to $10.50, and once reached $17. The stock was down just 15.43% pre-market the next day, with shares still trading at a high of $8.88.
The reason for BTCT’s sharp rise is not yet clear, but it may be related to the surge in Bitcoin prices. Since Trump won the election on November 5, Bitcoin has risen from about $69,000 to $87,747, a year-to-date increase of 90.64%. BTCT's low market capitalization (approximately $27 million) also makes it more susceptible to market fluctuations, and the craze in the crypto market may make investors believe that its "penny stock" potential can rise with Bitcoin.