Crypto stocks rally as Bitcoin stalls

Coinbase, the largest US-based exchange, COIN stock rose by a meager 0.43% at the beginning of the market to $153, representing a reversal of its 1.61% pre-market decline.

COIN is one of the best-performing crypto stocks this year, with a year-to-date (YTD) gain that has eclipsed 300%.

Similarly, shares of publicly traded Bitcoin mining companies like Marathon Digital, Riot Platforms, Hive Digital, Canaan, and Hut 8 increased during their stocks’ early trading hours. Canaan and Hut 8 recorded increases of around 14% and 17%, respectively.

Like Coinbase, most miners have had a robust year, witnessing triple-digit percentage growth during the past year.

Meanwhile, MicroStrategy, a significant Bitcoin advocate that holds nearly 175,000 units of the top cryptocurrency, observed an increase of just under 1% on the day. Its year-to-date increase of 302% highlights the gains it has made from Bitcoin’s upward trend this year.

BTC’s lull