Crypto mining stocks see massive gains amid Bitcoin rebound

Crypto mining stocks see massive gains amid Bitcoin rebound

By Benson Toti - min read

Marathon Digital Holdings and Hut 8 Mining were among the biggest daily gainers after double-digit rallies on Monday.

Bitcoin mining firms saw their stocks make huge moves on Monday following Bitcoin’s breakout to prices above $22,000.

The stocks of top Bitcoin (BTC) mining firms jumped as positivity around the crypto industry seeped into the sector. As BCT/USD rose to retest price levels above $22,200, the shares of top miners opened higher and ripped.

MARA leads gainers

Marathon Digital Holdings Inc. (MARA) rose to intraday highs of $10.97, outperforming Bitcoin as gains amounted to close to 36%. The stock however hit resistance and slipped below $10.00, although it still closed more than 21% higher at $9.76.

Another stock to see massive gains was Riot Blockchain Inc. (RIOT), which surged to intraday highs of $6.88 to accumulate over 23% in gains at the intraday peak. Despite cooling off into the close, RIOT stock still closed double digits in the green at $6.23 (+11.85%).

Shares of Bitfarms, Core Scientific Inc. and Hut 8 Mining Corp. also registered impressive gains at the start of the week. Hut 8 ended Monday’s session nearly 8.7% up, Core Scientific was 8.3% higher and Bitfarms managed +4%.

Coinbase (COIN) and MicroStrategy (MSTR) also registered significant gains, with the Coinbase stock closing more than 9% higher and MicroStrategy at +5%.