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Crypto Stocks See Inflows as Bitcoin Surpasses $71,000
Inflows into digital assets have triggered ripple effects outside of the price rally that extend to crypto stocks, decentralized finance (DeFi) and Total Value Locked (TVL) spikes, among others. Crypto stocks have seen rising inflows over the past 24 hours, with some assets extending long-term gains. Crypto stocks are assets whose prices are influenced by Bitcoin (BTC), altcoins, or developments in blockchain technology.
Coinbase and MicroStrategy lead crypto stocks gains
Crypto stocks saw inflows today on the back of the broader market recovery. Digital asset exchange Coinbase (COIN) saw a 2.9% increase in the market. This positive price movement brought weekly flows above 4.2%. COIN is trading at $251 with bulls targeting Q1 2024 performance.
The asset rallied in the first quarter, reporting better-than-expected first-quarter earnings. Bull markets see cryptocurrency exchanges recording high volumes adding to profits with institutions pouring funds into assets. Coinbase launched its Smart Wallet today marking growth in the asset.
MicroStrategy (MSTR) has also seen bullish flows in the stock market. The asset is up 3% in the market as bulls rally inflows on the back of cryptocurrency gains. As of this writing, MSTR is trading at $1,694. The third pushed the asset’s recent gains above 2% this week. MicroStrategy’s Michael Saylor remains bullish on the price of Bitcoin following large acquisitions of the asset.
Bitcoin miner, Marathon Digital, has bounced back with other crypto stocks on the market. The asset is trading higher at $21.07, with a gain of 2.68%. The weekly data is also about the same figure as the forward asset.
Wider market peaks
Crypto stocks are on the rise following today’s surge in cryptocurrency prices. Digital assets continue to attract inflows Bitcoin sees new inflows after a reversal in sentiment. The asset’s price traded above $71,600 today, igniting the broader market. Altcoins such as Ethereum (ETH) and Solana (SOL) have seen similar gains. ETH trades at $3,864, extending weekly and monthly inflows to 2.1% and 25%, respectively. Meanwhile, the price of Solana exceeds $170 and stands at $173.
Read also: VanEck Raises Ethereum (ETH) Price Target to $22,000 on ETF Hype
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.