Why Canaan Stock Went Up 36% Last Month
Shares of Canaan (NASDAQ: CAN) went up 36.3% in March according to data provided by S&P Global Market Intelligence. More impressively, at one point the stock was up 140% before finishing the month "only" up 36%. That's a massive move for this stock and yet there's not a satisfying explanation for it.
Canaan manufactures equipment that's used to mine Bitcoin (CRYPTO: BTC). The price of Bitcoin increased 27% in March and many cryptocurrency stocks like Canaan traded higher as a result. But the rising price of cryptocurrencies hardly seems to explain why this stock had more than doubled at one point in March.
Image source: Getty Images.
Source Fool.com
