Bitcoin and Ethereum-Linked Stocks Are Rising: What's Going On?

Shares of several crypto-related stocks including Marathon Digital Holdings Inc MARA, Riot Platforms Inc RIOT and MicroStrategy Inc MSTR are trading higher Tuesday after Bitcoin BTC/USD crossed the $30,000 mark for the first time since June 2022. 

Bitcoin, the largest cryptocurrency by market cap, was last up 6.47% over a 24-hour period at $30,125 adding to its run in 2023. $28,200 marked a strong resistance point from a technical perspective and some bulls are now calling for a continued move to the $36,000 level.

Bitcoin is now up more than 80% year-to-date and several other cryptocurrencies are moving with it. Ethereum ETH/USD was up 3.27% over a 24-hour period at $1,916.26 and Dogecoin DOGE/USD was up 2.75% at $0.08517 at the time of writing. 

Several Bitcoin miners were also moving up alongside the price of Bitcoin including Marathon Digital, which is engaged in mining digital assets. The company owns mining machines and a data center for digital assets. It was last up 3.74% at $9.44, according to Benzinga Pro.

Riot Blockchain is also a Bitcoin miner focused on building, supporting and operating blockchain technologies. The stock was up 3.88% at $10.99 at the time of writing. 

MicroStrategy is a business intelligence, mobile software and cloud-based services company, but more than anything else, it's a bet on Bitcoin, as the firm owns approximately 140,000 Bitcoin. MicroStrategy shares were up 2.96% at $322.05 at last check. 

Check This Out: Bitcoin Breaks Key Technical Resistance In A Squeeze Move: Bulls Now Target $36,000

$BTC Price Action: Bitcoin is up 22% over the last month and more than 70% over a three-month period. Despite being up over 80% year-to-date, it's still down approximately 23% over the last year. 

Photo: Eivind Pedersen from Pixabay.