For insiders and those who watch the cryptocurrency sector from afar, Bitcoin (CRYPTO: BTC) is generally the most-followed asset in this space. Wednesday's impressive surge of more than 4% over the past 24 hours as of 3:30 p.m. ET is notable.

And today's surge in Bitcoin has had an outsize impact on a range of crypto-related stocks. As of 3:30 p.m. ET, Bitcoin miners Riot Platforms (NASDAQ: RIOT), Marathon Digital (NASDAQ: MARA), and Hut 8 Mining (NASDAQ: HUT) had rocketed 11.4%, 9.3%, and 8.4%, respectively, since yesterday's close.

Much of today's impressive move in Bitcoin has come from increasingly bullish sentiment around banking-related contagion fears abating over the past day or so. With the financial system seeming to remain robust, investors have started to rethink their allocations and positioning.

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Source Fool.com