Riot Platforms and Marathon Digital Lead Crypto Stock Gains as Bitcoin Price Stabilizes Above $30,000

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Crypto-related stocks are enjoying a second day of strong gains after bitcoin crossed $30,000 on Monday evening for the first time since June 2022. At press time, it has managed to maintain that lead, trading at $30,100.

Bitcoin miners Riot Platforms (RIOT) and Marathon Digital (MARA) are ahead by 15% and 11%, respectively. Small players like Stronghold Digital (SDIG) and Iris Energy (IREN) are up almost 20%.

Bitcoin’s big run over the past two days has brought the 140,000 coins bought at an average price of $29,803 each into earnings for MicroStrategy (MSTR). MSTR shares are up 7% on Tuesday.

Crypto exchange Coinbase (COIN) and Mike Novogratz’s crypto merchant bank Galaxy Digital (GLXY.TO) are also up around 7%.

Bitcoin broke out of a tight range around the $28,000 level on Monday afternoon, then broke through $30,000 for the first time since June 10, 2022 late Monday evening, hitting $30,400. The crypto is now up over 80% in 2023 after starting the year at around $16,500.

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