Why Bitcoin-Related Stock Riot Platforms Is Exploding Higher

Riot Platforms Inc RIOT shares are trading higher by some 17.2% to $8.26 Friday afternoon. Shares of crypto-related stocks are trading higher amid recent, marked strength in cryptocurrencies.

• Bitcoin BTC/USD is trading higher by 36.14% to the $26,000-level over the trailing week
• Ethereum ETH/USD is higher by 25.95% to the $1,700-level over the past week

For the unitiated, Riot is focused on building, supporting and operating blockchain technologies.

Riot also operates as a Bitcoin mining company in North America. Because of this, the stock often moves in sympathy with the price of Bitcoin and the crypto sector.

See Also: Why PacWest Bancorp (PACW) And Western Alliance (WAL) Stock Are Nosediving

According to data from Benzinga Pro, Riot Platforms has a 52-week high of $23.66 and a 52-week low of $3.25.