Bitcoin Is Soaring, and These 2 Crypto Stocks Look Red-Hot
November was an amazing month for the stock market, which managed to claw back its losses from the previous couple of months. Yet the strong performance on Wall Street might have kept many mainstream investors from noticing what was happening in the cryptocurrency markets, where Bitcoin (CRYPTO: BTC) and many other digital assets posted sharp gains as well.
Over the weekend, Bitcoin climbed to its best levels in more than a year and a half, briefly moving above $42,000. That was good news not only for those who invest directly in Bitcoin, but also for shareholders of certain crypto stocks. Below, we'll look at why Coinbase Global (NASDAQ: COIN) and MicroStrategy (NASDAQ: MSTR) made big moves higher in premarket trading on Monday morning.
Moves in digital asset prices tend to be similar to what investors see in the commodities markets. That's particularly true given that many institutional investors prefer not to invest directly in actual Bitcoin, instead turning to futures contracts and other derivatives that are available both in the public markets and through some cryptocurrency exchanges.
Source Fool.com
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