CleanSpark Stock Is Hitting New 52-Week Highs: What's Going On?

CleanSpark Inc CLSK shares are trading higher Wednesday, adding to gains of more than 70% over the last week. Here’s a look at what’s going on.

What To Know: CleanSpark shares are hitting new 52-week highs on Wednesday amid strength in the price of Bitcoin BTC/USD.

Bitcoin crossed the $50,000 level this week for the first time in two years and has continued to trend higher. It reached a market capitalization of more than $1 trillion on Wednesday for the first time since late 2021, according to data from CoinMarketCap.

The price of Bitcoin appears to be benefiting from increased institutional adoption on the back of recently approved spot ETFs and excitement surrounding April's halving event.

Bitcoin miner CleanSpark has outpaced peers in recent trading sessions. The company reported fiscal first quarter earnings at the end of last week that beat analyst expectations.

CleanSpark is an energy company that transitioned its expertise to focus on Bitcoin mining in 2020. The stock has seen increased interest in recent weeks. CleanSpark’s average session volume is about 27.6 million, according to Benzinga Pro. Wednesday’s trading volume was sitting around 2.22 million in premarket trading.

See Also: Bitcoin Back Above $1 Trillion Market Cap: Crypto Experts Weigh In On What’s Ahead

CLSK Price Action: CleanSpark shares were up 14.7% at $18.23 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.