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Crypto Stocks Advance Pre-Market as Bitcoin Tops $51K, Market Cap Hits 26-Month High
Total crypto market cap climbed to $2 trillion for the first time since April 2022.
U.S.-listed crypto companies rose Wednesday as bitcoin {{BTC}} climbed past $51,000 for the first time since December 2021, taking its market cap to $1 trillion.
Bitcoin, the largest cryptocurrency by market value, added about 2.9% in the last 24 hours, while the CoinDesk 20 Index, a measure of the largest digital assets, rose around 2.1%. Ether {{ETH}}, the second-largest cryptocurrency, gained 3.2% to $2,754, the highest since May 2022, while the total crypto market cap touched $2 trillion for the first time since April that year.
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Cryptocurrency exchange Coinbase (COIN) rose more than 7%, and software company MicroStrategy (MSTR), which holds around 190,000 BTC on its balance sheet, gained about 6.5%. BlackRock’s bitcoin exchange-traded fund (IBIT), which has the highest inflows among the new spot BTC ETFs, added around 3%.
Robinhood (HOOD), a trading platform that supports cryptocurrencies, climbed 12% after reporting higher-than-forecast fourth-quarter revenue and saying crypto revenue rose 10% from a year earlier to $43 million.
Iris Energy (IREN) led gains among miners, surging 14%. Marathon Digital (MARA) added 11% and Riot Platforms (RIOT) 8%.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
