Why Bitcoin-, Ethereum- And Dogecoin-Related Stocks Are Exploding Higher

Bitfarms Ltd BITF and Marathon Digital Holdings Inc MARA shares are trading higher Wednesday morning. Shares of crypto-related stocks are trading higher amid a rebound in cryptocurrencies and as Bitcoin BTC/USD crossed above $30,000. Popular cryptocurrencies Ethereum ETH/USD and Dogecoin DOGE/USD are also higher amid strength in the broader crypto sector.

Crypto may be trading higher in sympathy with the broader U.S. market after Microsoft reported strong third-quarter results, which has lifted tech stocks and raised earnings sentiment.

Price Action

Marathon Digital focuses on mining digital assets. It owns crypto-currency mining machines and a data center to mine digital assets. The company operates in the digital currency blockchain segment and its cryptocurrency machines are located in Canada.

Marathon Digital shares are trading higher by 16.52% at $10.48.

Bitfarms is a bitcoin self-mining company. It runs vertically integrated mining operations with in-house management.

Bitfarms shares are trading higher by 12.26% at $1.19.