Why Bitcoin, MicroStrategy, and Riot Platforms Popped to Start 2024
The stock market has been off since Dec. 29, but the crypto market has been open, leaving four days of catch-up for equity investors. So, a relatively modest move of 3.6% over the last 24 hours for Bitcoin (CRYPTO: BTC) has driven a double-digit increase in crypto-related stocks.
If we go back to the market close on Friday, Bitcoin's value is up 7.3% after a big increase in value on Monday. (NASDAQ: MSTR) responded by jumping as much as 15.2% in early trading Tuesday, and Bitcoin miner Riot Platforms (NASDAQ: RIOT) was up 10.6%. The two stocks are up 9.6% and 0.8%, respectively, at 3:00 p.m. ET.
There was a crypto rally to start 2024, and gains were widespread across the market. But the biggest tokens have seen the most gains as there's a flight to quality in both crypto and the stock market. That's why Bitcoin and Ethereum are up over the last few days, while Solana, Binance, and XRP are about flat.
Source Fool.com
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