Cryptocurrency Market Update
On Monday, Bitcoin reached a striking peak, trading as high as $94,634, and recently sitting around $94,103. This marked a significant rise of over 3% in just 24 hours, with cryptocurrency stocks collectively reaching a 30-day high of more than $94,000, surpassing its previous high from December 9.
Meanwhile, Ethereum hit $3,253, though it’s still shy of its one-month record. After climbing over 3% in the past day, it was trading around $3,241. XRP, on the other hand, saw a notable increase of 11% in the same timeframe, recently valued at $2.34, which is its highest since November.
As for the stock market, Coinbase experienced a nearly 8% gain and closed just under $255. The exchange, listed on the Nasdaq with the ticker COIN, also initiated a giveaway, offering one lucky trader a chance to win a Bitcoin along with an Aston Martin F1 experience trip for two to Melbourne.
Robinhood, another trading platform, saw its shares rise about 7%, ending the day trading at $123. The company, recognized for its prediction market, promotes various contracts concerning entertainment, like who might win an Oscar or headline a major music festival.
Both Coinbase and Robinhood lead in the crypto stock market with market caps of approximately $69 billion and $111 billion, respectively. Smaller companies, such as Bitcoin miners Iris Energy and Hut8, also witnessed substantial stock rises, though these weren’t directly linked to mining operations.
Iris Energy, trading under the ticker IREN, jumped 13% to $48.24 after announcing a massive $9.7 billion deal with Microsoft for delivering critical IT workloads by the end of 2026.
Additionally, Hut8’s stock, symbol HUT, increased by 13.6% to $58.25 after a $7 billion Google-backed AI deal that includes options for renewing their contract for up to 15 years, potentially valued at $17.7 billion.
Other notable gainers in the crypto sector included crypto exchange Gemini, which was up 7%, along with Bitmine Immersion Technologies and Strategy, both of which saw increases of 7% and 5%, respectively.
