Why Altcoins and Crypto Mining Stocks Were on Fire Today

On Valentine’s Day, investors expressed their love for all things crypto by trading up — substantially, in numerous cases — the prices of digital coins and tokens, plus the securities of companies associated with digital money.

Leading altcoin Ethereum (CRYPTO: ETH) was a beneficiary, as it was sailing 5.4% higher in late afternoon trading. While that gain was impressive, it didn’t hold a candle to crypto mining equipment specialist Canaan (NASDAQ: CAN), whose American Depositary Receipts (ADRs) closed the day almost 32% higher. Behind Canaan, miner TeraWulf (NASDAQ: WULF) rose by more than 12%.

Bitcoin (CRYPTO: BTC) is the world’s first cryptocurrency, and a decade-and-a-half after its introduction it’s still by far the most influential one. When it does well, more often than not other coins and tokens, plus cryptocurrency mining companies, tend to fall in lockstep.

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Source Fool.com


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About the Author: Daniel