Why Overstock.com Inc. Shares Popped Today

Why Overstock.com Inc. Shares Popped Today

Shares of Overstock.com Inc. (NASDAQ: OSTK) jumped 11.1% on Friday, continuing a multi-day ascent on momentum surrounding businesses related to the cryptocurrency market. Note that bitcoin, arguably the most well-known cryptocurrency, popped as much as 9% today, setting a new all-time high of almost $18,000.

Overstock has also skyrocketed in recent months -- including a more than 50% jump over the last five trading days -- thanks to excitement surrounding the involvement of its Medici Ventures subsidiary with advancing blockchain, the digital decentralized ledger underlying most cryptocurrencies.

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Source: Fool.com