Bitcoin
Crypto Stocks See Inflows as Bitcoin Surpasses $71,000
Inflows into digital assets have triggered cascading effects outside of rising prices, extending to crypto stocks and decentralized finance (DeFi) total blocked value (TVL) numbers and peaks, among others. Crypto stocks have seen rising flows over the past 24 hours, with some assets extending long-term gains. Crypto stocks are assets whose prices are affected by Bitcoin (BTC), altcoins, or developments in blockchain technology.
Coinbase, MicroStrategy Lead Gains in Crypto Stocks
Crypto stocks saw inflows today due to the broader market rally. Digital asset exchange, Coinbase (COIN) registered a 2.9% increase in the market. This positive price movement took weekly flows above 4.2%. COIN trades at $251 with bulls pointing to Q1 2024 performance.
The asset recovered in the first quarter, posting better-than-expected profits in the first quarter. Bull markets see cryptocurrency exchanges record high volume, increasing profits, with institutions investing funds into assets. Coin base launched its Smart Wallet today, marking growth in the asset.
MicroStrategy (MSTR) also saw bullish flows in the stock market. The asset rose 3% in the market as bulls regain flows due to gains in crypto assets. At press time, MSTR trades at $1,694. Third pushed the asset’s recent gains above 2% this week. Michael Saylor of MicroStrategy remains bullish on the price of Bitcoin following major acquisitions of the asset.
Bitcoin miner Marathon Digital rallied along with other crypto stocks on the market. The asset trades higher at $21.07, a gain of 2.68%. The weekly numbers are also around the same value as the asset moves forward.
Broader market spikes
Crypto stocks are on the rise following the surge in cryptocurrency prices today. Digital assets continue to attract flows as Bitcoin sees new flows after a change in feelings. The asset’s price traded above $71,600 today, setting the broader market alight. Altcoins like Ethereum (ETH) and Solana (SOL) have seen similar gains. ETH trades at $3,864, extending weekly and monthly inflows to 2.1% and 25%, respectively. Meanwhile, Solana price surpasses $170 and is at $173.
Read too: VanEck Raises Ethereum (ETH) Price Target to $22,000 on ETF Hype
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and keeps an eye on the latest news. Staying up to date with trends, David has reported on various niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from financial markets, David rides his bike and horses.