A modest increase in the value of cryptocurrencies was sufficient to kickstart a recovery in the market’s battered shares.
After a terrible year in 2022 in which declines of 80% to 90% were the norm, many cryptocurrency-related stocks are already in the green early in 2023 after making significant gains on Wednesday.
Bitcoin miner Marathon Digital (MARA), which saw its price increase by 24% today, was the top performer today among the major names. The rebranded Riot Platforms (RIOT), which started the year by removing the term “blockchain” from its name, had the highest growth rate of any other miner, at 15%. This change was made at the beginning of the year.
The general rally aided cryptocurrency exchange Coinbase (COIN), which also benefited from the removal of a regulatory overhang after the company reached an agreement to pay a $50 million fine to the New York Department of Financial Services. Coinbase’s gain was 12.2%.
When looking at cryptocurrencies on their own, bitcoin (BTC) made a brief run at $17,000 before falling back to its current price of $16,800, which is just a hair higher than it was on the previous day. The value of Ether (ETH) increased by 3%, while that of Binance Coin (BNB) increased by 4.6%, Dogecoin (DOGE) increased by 2.6%, and Cardano (ADA) increased by 5.2%.
