Why Riot Platforms Is Absolutely Skyrocketing Today
Amid a sea of green in most cryptocurrencies and crypto-adjacent stocks today, it's hard to find any asset that's not seeing significant gains. However, among the biggest winners in today's session is crypto miner Riot Platforms (NASDAQ: RIOT). As of 2:45 p.m. ET, RIOT stock has rocketed 15.4%, among the leaders in the tech-heavy Nasdaq.
This move appears to be driven by a number of key factors. The price of Bitcoin (CRYPTO: BTC) has continued to move higher, appreciating 2.3% over the past 24 hours. For Bitcoin miners such as Riot, this is a key fundamental metric, which is typically the directional driver for price movements on a given day.
Additionally, a relatively strong operational update provided by Riot last week has provided investors with reason to take a risk-on position with this company. Riot reported 55% year-over-year growth in terms of total Bitcoin production, as well as some nominal Bitcoin sales to fund operations.
Source Fool.com
