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Why Xunlei Ltd. Stock Surged Monday

TheMotleyFool

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Shares of cloud-computing company Xunlei (NASDAQ: XNET) surged as much as 30% Monday, recouping some of the more than 50% decline they had experienced since Thanksgiving. The stock was up 29.4% at the close, meaning it's now down about 39% since Thanksgiving.

The stock's rise on Monday was likely fueled by the recent rise in cryptocurrency prices. Since Xunlei launched its "Wanke coin mining project," which explores emerging blockchain technology, it has benefited from bitcoin-related hype: Its shares are up more than 300% year to date.

Image source: Getty Images.

Source: Fool.com