Stocks of %Cryptocurrency miners are trending higher as the price of %Bitcoin ($BTC) sits at its highest level in 17-months.
Crypto miners such as %MarathonDigital ($MARA), %RiotPlatforms ($RIOT), and %CleanSpark ($CLSK) have each seen their stocks rise more than 25% in the last month and all are up more than 100% on the year.
The move higher comes as the price of Bitcoin hovers around $35,000 U.S., a 17-month high. Some analysts are forecasting that Bitcoin’s price could reach $50,000 U.S. in coming months, a development that would further help crypto miners.
Many analysts are now recommending that investors take positions in crypto mining stocks as they are well-positioned to benefit from the current rally in Bitcoin and other digital coins and tokens.
Bitcoin has been rising over the past month on hopes that the U.S. Securities and Exchange Commission (SEC) will soon approve a spot Bitcoin exchange-traded fund (ETF).
The price increase has been a boon to cryptocurrency mining companies, which are doing their best to make hay while the sun shines.
Many crypto mining stocks fell sharply in 2022 during the industry downturn that came to be known as a “crypto winter.”
The price of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is also marching higher, having gained nearly 10% since the start of October to now trade right around $1,800 U.S.