After last week's turmoil, publicly listed bitcoin miners rebounded on Wednesday, celebrating strong performance as Trump won the White House.
Bitcoin Mining Stocks See Explosive Gains
Bitcoin mining stocks surged on Nov. 6, rising alongside bitcoin, hovering at $74.6k as of 9:40 a.m. ET on Wednesday. MARA Holdings (MARA), which boasts the largest market capitalization among the 30 mining companies, was up 9.89%.
Core Scientific (ย CORZย ) followed with an 8.21% gain, while Riot Platforms (ย RIOTย ), which holds the third-highest market cap, saw an 11.38% gain against the dollar. Leading the top ten gainers, Cipher Mining (ย CIFRย ) was up 17.67% as of 9:40 a.m. ET, with Hut 8 (ย HUTย ) following closely behind, up 17.05% that morning.
Of the 30 publicly traded mining companies, only Griid (GRDI) did not participate in the price surge on November 6. In addition to mining stocks, crypto-related companies such as Coinbase and Microstrategy also benefited from that day's rally.
Coinbaseย (ย COINย ) rose 15.97%, while Microstrategyย (ย MSTRย ) gained 12.27% against the dollar. The rise in bitcoin mining stocks and related cryptocurrency companies reflects growing market confidence following recent political developments related to Trump's victory.
Investors appear bullish on digital assets, pushing valuations higher as bitcoin stabilizes near record highs. The rally, which includes miners and crypto companies, could signal renewed interest in the sector as traders watch for further gains in the unpredictable crypto economy.
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