Riot Platforms Is Making Big Moves, but Is It Still a Buy in 2024?
In 2023, soaring Bitcoin (CRYPTO: BTC) prices made investing in Bitcoin mining stocks a no-brainer. Bitcoin mining stock Riot Platforms (NASDAQ: RIOT), for example, is now up more than 300% during the past 12 months, making it one of the best-performing growth stocks of the past year.
But it could be a different story in 2024, due to important changes coming to Bitcoin within the next few months. Here's a closer look at the key factors that could affect the price of Riot Platforms in the year ahead.
It might sound obvious, but Bitcoin mining stocks are highly correlated with the price of Bitcoin. When Bitcoin goes up, Bitcoin mining stocks go up. And vice versa. That makes sense, since a rising price for Bitcoin makes every new Bitcoin mined more valuable.
Source Fool.com
