Crypto stocks see price rally as Bitcoin tops $66K

As a seasoned crypto investor with a decade-long journey in this wild and unpredictable market, I can confidently say that the events of October 14th have certainly piqued my interest. The rally we witnessed in Bitcoin and associated firms was reminiscent of the bull runs we’ve seen before, yet each time is unique in its own way.

U.S.-based companies that deal with cryptocurrencies and are publicly listed experienced growth on October 14, as Bitcoin surged by 6% to momentarily reach $66,400 – a peak not seen since July 30.

clean-energy Bitcoin mining company CleanSpark (CLSK) saw impressive gains today, ending with a 12.72% increase to $10.81, and further rising by 1.72% post-market according to Google Finance figures.

After market close, the cryptocurrency exchange Coinbase (COIN) experienced a surge, ending the day with an 11.3% increase at $196.35 – its highest point in seven weeks. In extended hours, the stock price continued to rise by 1.71%, reaching $199.70.

The cryptocurrency miner IREN, previously known as Iris Energy, experienced a rise of 10.21%. Meanwhile, competitors TeraWulf and MARA Holdings Inc, originally Marathon Digital, also saw increases, with TeraWulf gaining 6.65% and MARA Holdings registering a 5.6% growth.

Crypto stocks see price rally as Bitcoin tops $66K

On October 14, Semler Scientific (SMLR), a medical manufacturing company that mimicked MicroStrategy’s strategy for purchasing Bitcoin, remained unchanged during regular trading hours. However, following the market close, its shares rose by 4.3%. In contrast, Block Inc., a digital payments company, saw a 2.8% increase in the same period. According to Yahoo Finance data, this trend was observed.

On a day when many other businesses experienced growth, MicroStrategy (MSTR), owning approximately 252,220 Bitcoins valued at around $16 billion, was among the exceptions, closing down by 5.1%, or $201.67 per share. However, following market hours, its shares slightly increased by 1.65%, reaching $205.

Core Scientific, a company specializing in Bitcoin mining, experienced a decline of 1.9%, ending the day at $12.97. However, following the closing bell, there was a minor recovery and the stock price rose slightly to $13.05.

In simple terms, during the past day, the value of Bitcoin increased by 5.7%, causing it to momentarily reach its highest point since July 30. This surge in price has led certain market experts to wonder if the trend they’ve named “Uptober” (a play on the phrase October and a bullish market) might have officially started.

According to a recent analysis by Bitcoin expert On-Chain College, posted on October 14th, the price of Bitcoin surpassed its 200-day moving average and the short-term holder’s cost basis ($62,600). These two milestones in a bull market are considered significant support levels that could lead to a potential increase in price.

“Has Uptober begun?!” On-Chain College pondered.

According to a post on October 14th by Dan Tapiero, the founder of crypto investment firm 10T Holdings, Bitcoin appears poised to surpass the $70,000 mark.

As an analyst, I’ve observed a pattern where October, a time I refer to as “Uptober,” tends to be bullish for Bitcoin. In fact, Bitcoin’s price has risen in nine out of the last eleven October months, setting the stage for robust fourth quarters. This trend is supported by data from CoinGlass.

Crypto stocks see price rally as Bitcoin tops $66K

According to CK Zheng, the head investment officer at crypto hedge fund ZX Squared Capital, the 2024 halving event and the upcoming US election could potentially propel Bitcoin‘s price beyond its record high of $73,738 in the last three months of the year, or even shortly after.

At the moment, Bitcoin is being traded for approximately $66,270 – this figure represents a decrease of around 10.4%, as compared to its record high, which was reached on March 14th, according to information from CoinGecko.

2024-10-15 05:10

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