Bitcoin’s price surge pushes cryptocurrency-related stocks into the green

Bitcoin and other cryptocurrencies weren’t the only investments to benefit from the leading coin’s recent price jump.

The cryptocurrency made headlines earlier this week for a price rally thought to have been ushered in by one mystery buyer. Over a matter of hours, Bitcoin’s trading price jumped 20 percent and broke the $5,000 barrier for the first time since November last year.

As Bitcoin’s price rose, so did a host of other coins and digital assets. But virtual currencies weren’t the only ones that benefitted from the price increase. In fact, cryptocurrency and blockchain-related stocks also profited from the renewed interest, Bloomberg reports.

According to the report, cryptocurrency oriented stocks in Asia also saw price bumps. The energy conservation consultants that accept Bitcoin as payment, Remixpoint, saw a shre price jump of 26 percent this week. Broadcasting hardware firm and cryptocurrency exchange investor, Vidente, has climbed by almost 20 percent since the start of the week.

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US-based small-cap cryptocurrency related stocks also saw positive movement during this Bitcoin “revival.” Riot Blockchain, the biotech firm turned cryptocurrency miner that recently posted a $58 million loss for 2018, saw a brief 12 percent bump in its stock price.

Things are also on the up for Galaxy Digital Holdings Ltd. merchant bank partner of Galaxy Digital Holdings LP. It’s up 159 percent so far in 2019. Certainly more positive news after a terrible 2018 where it lost $136 million in just nine months, as Bloomberg points out.

This is not trading advice. As with any financial instrument do your own research and consult a registered, independent financial advisor before parting with any money.

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