Why Cryptocurrency Stocks Like Riot Blockchain Surged Higher Today
Oftentimes in the cryptocurrency space, investments move in concert with the largest and most important coin. That was the dynamic in force on Thursday when crypto and crypto-adjacent stocks like Riot Platforms (NASDAQ: RIOT) and Silvergate Capital (NYSE: SI) soared on the back of Bitcoin's (CRYPTO: BTC) advance. Riot closed the day almost 15% higher, while Silvergate cruised to a nearly 13% increase.
Several factors combined to push up Bitcoin and other key cryptocurrencies, not least of which was the government's inflation data that was released in the morning. The top coin was trading notably higher to the point where it crossed the $18,000 price level. The last time it was that high was in November of 2022. Other major coins and tokens were also heading north, such as Ethereum and Cardano.
Riot and Silvergate are rather different animals. The former is essentially a pure-play Bitcoin miner -- at least for now -- so the coattail effect for that stock is clear.
Source Fool.com
