Why Cryptocurrencies and Related Stocks Were on Fire Today
Coming off a gloomy streak for cryptocurrencies, many coins, tokens, and crypto stocks were bouncing higher on Wednesday. Many investors clearly felt the sell-off in recent days was overblown and were piling in to buy on price weakness.
The No. 2 cryptocurrency by market cap, Ethereum (CRYPTO: ETH), was up by nearly 3% across the preceding 24 hours as of mid-afternoon Wednesday. Ethereum-staking company and crypto miner Bit Digital (NASDAQ: BTBT) saw its stock close nearly 9% higher on the day, as fellow miner TeraWulf (NASDAQ: WULF) rose at an almost 11% clip.
Much of this had to do with the improving sentiment supporting crypto No. 1 and the asset miners love the most -- Bitcoin (CRYPTO: BTC). The coin was up by 2% over the past day, reversing the generally flat-to-bearish trajectory that started over a week ago.
Source Fool.com
