Crypto stocks gain ground as Bitcoin climbs above $30,000

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Volatility, your name is cryptocurrency. And cryptocurrency stocks, to a lesser extent. As markets closed on Wednesday, we found a wide range of cryptocurrency stocks, from Coinbase (NASDAQ:COIN) and Riot Platforms (NASDAQ:RIOT) to Marathon Digital (NASDAQ:MARA) and Microstrategy (NASDAQ:MSTR ) all closing higher. And the reason for this universal gain? Bitcoin (BTC-USD) gained to clear $30,000 per coin for the first time since late April.

The good news for Bitcoin HODLers is that traditional financial giants have returned to the market, likely following Federal Reserve Chairman Jerome Powell’s suggestion that rate hikes halted last session could make a comeback in later sessions to further deal with inflationary pressures. With BlackRock (NYSE:BLK) still on the hunt for a Bitcoin exchange-traded fund (ETF) in the US, this gives the crypto a bit more fuel to run.

So it’s no surprise that some of the stocks most closely tied to cryptocurrency, especially Bitcoin, are having a blast. Microstrategy is widely known for its bitcoin holdings and was known to fluctuate its stock price based on fluctuations in the price of bitcoin. Coinbase remains among the leaders, if not the leader, of cryptocurrency exchanges. Marathon Digital recently entered EDX Markets, a new crypto exchange that offers support from an array of Wall Street firms. And Riot Blockchain, which mines Bitcoin, is a big part of why it won.

All four actions have completed, but not to the same extent. Marathon Digital Holdings stock, a strong buy by analyst consensus, has the most upside potential and the second-highest gain of the four. With an average price target of $14.75, it offers investors upside potential of 20.8%. Meanwhile, the smallest gainer today, Coinbase stock, a Hold, can only offer upside potential of 1.29% on its average price target of $58.85.

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