Bitcoin Breaks $51K: Crypto Stocks Rise

On Wednesday, the stocks of crypto companies listed on U.S. exchanges surged as bitcoin {{BTC}} surpassed $51,000 for the first time since December 2021, pushing its market capitalization to $1 trillion.

Bitcoin, the leading cryptocurrency in terms of market value, saw an increase of approximately 2.9% over the past day. Meanwhile, the CoinDesk 20 Index, which gauges the performance of major digital assets, experienced a rise of around 2.1%. Ether (ETH), the second-largest cryptocurrency, surged by 3.2% to reach $2,754, marking its highest value since May 2022. Additionally, the collective market capitalization of cryptocurrencies surpassed $2 trillion for the first time since April of that same year. Coinbase (COIN), a popular cryptocurrency exchange, surged by over 7%, while MicroStrategy (MSTR), a software company holding approximately 190,000 BTC, saw a gain of about 6.5%. BlackRock’s bitcoin exchange-traded fund (IBIT), known for attracting the highest inflows among new spot BTC ETFs, increased by around 3%.
Robinhood (HOOD), a trading platform that facilitates cryptocurrency transactions, surged by 12% following its announcement of fourth-quarter revenue surpassing expectations. Additionally, the company disclosed that its crypto revenue increased by 10% compared to the previous year, reaching $43 million.
Iris Energy (IREN) spearheaded the gains among mining companies, soaring by 14%. Marathon Digital (MARA) followed suit with an increase of 11%, while Riot Platforms (RIOT) rose by 8%.