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.

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Source Fool.com