“Zombie” Crypto-Oriented Stocks Rise In Price Following Bitcoin’s Recent Gains
You simply can’t kill Bitcoin… or any Bitcoin-related stock, it seems. As the bitcoin price of today climbs to $4,100 BTC/USD, a new report from Bloomberg affirms that some companies related to Bitcoin have seen their stocks rise in price as Bitcoin has been seeing recent gains in the market.
Crypto-tied stocks crashed together with the crypto market some time ago, but it seems that these “zombies”, as described by Bloomberg, are ready to rise again.
According to the reports, Marathon Patent Group Inc. and Social Reality Inc. have seen their price rise by around 6% each today. A third company that was affected by this new trend was Grayscale Bitcoin Trust BTC, which rose 4%. Riot Blockchain Inc. has also seen gains of around 4%.
The Marathon Patent Group was a very hot stock when Bitcoin was going up. However, after the acquisition of the company by Global Bit Ventures, the company has seen its price fall together with other crypto-related businesses.
Bitcoin’s Trend And The Effects In The Market
From 2017 to 2018, Bitcoin rose and fell. The price of the token went as high as $20,000 USD to fall to around $3,400 USD at the end of the year. Now, Bitcoin has seen a small surge in price and it being valued again at around $4,100 USD with many analysts predicting a surge to near $5K or $5,500.
This week, Bitcoin rose in price four days in a roll and its price broke the 100-day moving average for the first time since August 2018. It is too early to say that there’s a bull run just around the corner, but the awakening of the zombie crypto-tied stocks is proof that the market is slowly improving.