Bitcoin mining stocks are enjoying bigger YTD pumps than the king coin. According to a CryptoBriefing report, Bitcoin mining shares have pulled in a 327% increase since the beginning of the year. CryptoBriefing said the top two US mining companies, Riot and Marathon, surged greater than both BTC and ETH in year-to-date figures.
Since 2020 began, Riot has climbed 492%, and Marathon has jumped by 387%. The mining companies’ gains are greater than Bitcoin, which has recorded 170% profit in 2020. Also, ETH’s YTD record is 368%, less than the mining companies’.
Furthermore, CryptoBriefing cautioned that the surge in the BTC shares and mining stock may lead to a downfall. The report compared the ongoing upward trend to the 2017 Bitcoin rally, which later declined.
The report also revealed that Google search data for “Bitcoin” is rising, which shows increasing interest in the digital asset. Already, several investors like MicroStrategy CEO Michael Saylor have openly declared that they own large amounts of BTC. In a tweet on the 28th of October, Saylor announced that he holds 17,732 BTC.
Over the last few months, Bitcoin has attracted a lot of institutional and individual investors. After the digital asset rebounded from the mid-March crash, it has been surging and hitting new-highs. Currently, Bitcoin is trading around $19,000 as it points towards a new high of $20,000.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
