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The latest rebound in bitcoin prices is also fueling a rise in the price of cryptocurrency shares around the world. Their value sees significant gains in the last two days.
Crypto stocks benefit from soaring Bitcoin prices
Bitcoin has seen a sharp rise in prices over the past two days, recording an increase of more than 20% in less than 48 hours.
It seems, however, that the price of cryptocurrency is also incremental for companies badociated with this sector. Inventories related to cryptographic currencies in Asia and the United States recorded significant gains over the same period, according to Bloomberg.
In Asia, Remixpoint Inc., based in Japan, led its stock market by 16% today, increasing the weekly increase by 26%. Vidente Co. is another company that has recorded a 20% increase since the weekend.
Small-cap cryptocurrency stocks in the United States also benefit from the recent rise. Riot Blockchain Inc. has recorded a 24% gain in the last two days.
In addition, Grayscale Investments, the world's largest cryptocurrency badet manager, also saw its portfolio weigh heavily on bitcoins surpbading the $ 1 billion mark shortly after BTC's April 3 price increase.
The story repeats itself
This is certainly not the first time that companies related to cryptocurrency are seeing their share price rise because of Bitcoin.
In July 2018, we saw the same pattern emerge. At the time, many companies changed their business models to include crypto-extraction and escort services. Some did not even bother to do anything other than change their name, adding "blockchain".
This shows the impact of the bitcoin price on the whole sector.
And the winner is…
The biggest winner of the last Bitcoin Rally may be former Wall Street hedge fund manager Mike Novogratz. He is the CEO of the Galaxy Digital cryptocurrency merchant bank.
Earlier in March, Bitcoinist announced that Novogratz had increased its stake in the company to 80%.
During the last wave of Bitcoin, GLXY shares climbed 24% to $ 2.90.
Since then, the price of bitcoin has declined, resulting in lower GLXY prices. Nevertheless, even after the plunge, Galaxy Digital's shares have risen another 3% in the last five days, and 26% since the beginning of 2019.
What do you think about the influence of the Bitcoin price on the entire cryptocurrency and badociated companies sector? Do not hesitate to let us know in the comments below!
Images via TradingView, Shutterstock
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