Why Cryptocurrency Stocks Are Soaring Today

Shares of several companies with deep ties to the cryptocurrency market soared on Tuesday, Feb. 2. Cryptocurrency asset manager Riot Blockchain (NASDAQ: RIOT) gained as much as 10.1%, Chinese-American cryptocurrency mining expert Marathon Patent Group (NASDAQ: MARA) reached a high of 11.6%, and Canadian crypto-mining company Hive Blockchain (OTC: HVBT.F) peaked at 12.3%. Data analytics specialist MicroStrategy (NASDAQ: MSTR), which has converted its long-term cash reserves into direct bitcoin holdings, also followed suit with a 6.8% gain as of 3 p.m. EST. The stocks are surging because many of the leading cryptocurrency tokens are on the rise today, which should translate into stronger financial results for all of these companies.

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Bitcoin prices are up by 5.6% in 24 hours, and Ethereum prices have gained 12.5% over the same period. Ripple stabilized after a wild weekend, and that token for cross-border transactions has now gained 42% in seven days. Other big names gaining more than 10% today include Ethereum competitor Cardano and the bitcoin alternative known as Litecoin.

Source Fool.com