Why Crypto Mining Stocks Are Rocketing Higher Today

Crypto mining is as volatile as it is intriguing, and many investors are seeing this volatility on display today. However, unlike most of this year's price action, today's moves among most major crypto mining companies are directionally positive.

As of 11:30 a.m. ET, most major crypto mining stocks have rocketed higher. Leading the way in terms of gains are Bit Digital (NASDAQ: BTBT) and Riot Blockchain (NASDAQ: RIOT), which appreciated 18.4% and 17.4%, respectively. Hut 8 Mining (NASDAQ: HUT), Bitfarms (NASDAQ: BITF), and Hive Blockchain (NASDAQ: HIVE) also saw gains ranging from 10.5% to 13.5% since yesterday's close. And even China-based crypto mining equipment maker Canaan (NASDAQ: CAN) saw gains of 8.5% this morning.

These moves appear to be driven by stabilizing Bitcoin prices. This week, investors have seen a broad recovery in the price of Bitcoin, which now sits right around $21,500 per token. This is a far cry from Bitcoin's high of approximately $69,000 per token last year. However, this level also represents upside of more than 20% from Bitcoin's 52-week low of $17,708, hit this past weekend.

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Source Fool.com