Crypto Stocks Soar As Market Makes Comeback

US crypto stocks experienced significant gains on Monday, with many companies rising by double-digit percentages as the cryptocurrency market rebounded. Bakkt (BKKT) led the gains with a nearly 31.5% increase, while Kindly MD (NAKA) rose over 24%. Crypto mining companies like American Bitcoin (ABTC), Hut 8 (HUT), IREN (IREN), and Cipher Mining (CIFR) also saw substantial increases, partly driven by their adaptation to support artificial intelligence. Major exchanges, including Coinbase (COIN), Gemini (GEMI), and Robinhood (HOOD), also benefited from the market upswing, gaining between 7% and 7.5%. The overall crypto market capitalization increased by 1.3% to nearly $3.3 trillion, with Bitcoin reaching a 24-hour high of over $94,600 and Ether hitting over $3,200. Analysts at Glassnode noted a reduction in sell-side pressure and improving liquidity, suggesting a transition out of a corrective phase, but also cautioned about volatility and profit-taking risks.

(Source：Cointelegraph)