Beyond Bitcoin: 3 Crypto Stocks to Watch Amid the Trump Rally. The cryptocurrency market is abuzz with excitement as Bitcoin surges past the $98,000 mark, fueled by Donald Trump’s re-election and promises of a crypto-friendly administration. While Bitcoin is stealing the spotlight, other crypto stocks are worth keeping an eye on. Here are three crypto stocks to watch amid the Trump rally:

1. Riot Platforms (RIOT)

Riot Platforms, a cryptocurrency mining company, has seen its stock price surge nearly 17% on Wall Street, with continued gains in after-hours trading. Beyond Bitcoin: 3 Crypto Stocks to Watch Amid the Trump RallyAs Bitcoin’s price rises, mining companies like Riot Platforms are poised to benefit from increased demand and higher mining rewards.

2. MicroStrategy (MSTR)

MicroStrategy, a software firm and major Bitcoin investor, has announced the purchase of around $2 billion worth of Bitcoin between October 31 and November 10. This move has led to a 26% spike in MicroStrategy’s stock price, with gains continuing after hours.

3. Coinbase Global (COIN)

Coinbase Global, a leading cryptocurrency exchange, has seen its stock price rise significantly amid the Trump rally. As more investors flock to cryptocurrency, exchanges like Coinbase are likely to benefit from increased trading volumes and demand for crypto-related services.

What’s Driving the Rally?

Several factors are contributing to the current rally in crypto stocks:

– Trump’s Crypto-Friendly Stance: Donald Trump’s re-election and promises of a crypto-friendly administration have sparked optimism in the cryptocurrency market.
– Increased Institutional Investment: Growing interest from institutional investors, such as pension funds and family offices, is driving up demand for cryptocurrency and related stocks.
– Improving Regulatory Environment: The potential for more favorable regulations under the Trump administration is also contributing to the rally.

What is driving Bitcoin’s rally as it surges past the $89,000 milestone?

Beyond Bitcoin: 3 Crypto Stocks to Watch Amid the Trump Rally. Bitcoin’s rally past the $89,000 milestone can be attributed to several factors. Optimism surrounding Donald Trump’s election as US president and the anticipation of a potentially crypto-friendly administration have contributed to the surge. Trump’s pledge to turn the United States into a global hub for digital assets and build a national reserve of Bitcoin has sparked a wave of speculative interest in crypto mining and trading stocks.

Increased institutional investment is another key driver of the rally. The launch of Bitcoin ETFs, such as BlackRock’s spot Bitcoin ETF, has provided a regulated pathway for institutional investors to gain exposure to Bitcoin. This has amplified market liquidity and boosted confidence among investors.

Technical analysis also suggests that Bitcoin is in a bullish cycle. The cryptocurrency has consistently tested key resistance levels and maintained upward momentum, with a golden cross (where the 50-day moving average crossed above the 200-day average) adding further strength to the bullish outlook.

Conclusion

The Trump rally has brought renewed attention to the cryptocurrency market, with Bitcoin surging past the $93,000 mark. While Bitcoin is grabbing the headlines, other crypto stocks are worth watching. Riot Platforms, Coinbase Global, and MicroStrategy are three stocks that could potentially benefit from the current market trends. As always, it’s essential to do your own research and consider your own risk tolerance before investing in any asset. CryptoExchange4U is your premier source for all things cryptocurrency, providing you with the latest news, updates, and analysis to help you navigate the ever-changing crypto landscape.

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Filed under: News - @ November 25, 2024 4:26 pm