Why Crypto Stocks Were Crushing the Market on Thursday

Hardly for the first time in these waning days of 2024, cryptocurrency-related stocks were having quite a good day on the market Thursday -- although there were certain glaring exceptions. Lingering optimism about a crypto-friendly presidential administration preparing for work helped bolster their prices. It also didn't hurt that news broke of a top regulator considered hostile to the sector stepping down from his post.Two quite different crypto-dependent securities both closed the day up nicely, mining business Mara Holdings (NASDAQ: MARA) with a nearly 7% gain and exchange-traded fund iShares Ethereum Trust ETF (NASDAQ: ETHA) with a 9% rise. Going in quite the opposite direction was the recently high-flying Bitcoin (CRYPTO: BTC) investment vehicle MicroStrategy (NASDAQ: MSTR), but there was a specific reason for its retreat. Stocks that aren't MicroStrategy continued to ride the sustained and powerful demand for Bitcoin, by far the leading and most influential crypto. During the day, Bitcoin notched yet another all-time high -- is this even surprising anymore? -- by trading slightly over $99,000 at one point. That magic $100,000 level is well within sight, and we shouldn't be surprised to see the coin hit that level soon, perhaps very soon.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool