Cryptocurrency-related stocks including Coinbase Global Inc COIN, Marathon Digital Holdings Inc MARA and Riot Blockchain Inc RIOT are trading higher Tuesday amid an increase in crypto prices, led by Bitcoin BTC/USD and Ethereum ETH/USD.
Bitcoin climbed back above the $20,000 level on Tuesday and reached its highest levels in more than a week. Several other cryptocurrencies are rallying alongside Bitcoin, including Ethereum, which transferred from a proof-of-work system to a proof-of-stake system in a highly anticipated merge in mid-September.
Crypto is rallying despite a fall in broader markets. The S&P 500 closed at its lowest levels of 2022 on Monday.
Coinbase is the leading cryptocurrency exchange platform in the United States. Coinbase shares were up 5.67% at $65.81 at last check.
Marathon Digital focuses on mining digital assets. The company owns cryptocurrency mining machines and a data center to mine the digital assets. The stock was up 6.45% at $10.23 at time of publication.
Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was up 6.72% at $7.15 Tuesday morning.
BTC, ETH Price Action: At time of publication, Bitcoin was up 7.46% over a 24-hour period at $20,241 and Ethereum was up 7.08% over a 24-hour period at $1,389.25.
Photo: Ricardo Goncalves from Pixabay.
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