Bitcoin surge in October led to gains for related stocks and funds, with MicroStrategy and Riot Platforms seeing significant increases.

From Nasdaq

November 5, 2024 12:28:32 AM:

In October 2024, Bitcoin surged by 10.2%, leading to significant gains in related stocks and funds. MicroStrategy, owning 252,220 Bitcoins, saw a 45% increase, while Riot Platforms, a Bitcoin miner, rose by 24.5%. The iShares Bitcoin Trust ETF saw a 10.1% increase, with Bitcoin itself reaching a market cap of $1.34 trillion.

Bitcoin experienced two growth spurts in October 2024 due to Chinese economic stimulus and speculative investing trends. The iShares Bitcoin ETF mirrored Bitcoin’s movements. Riot Platforms’ stock soared before dropping due to earnings report misses. MicroStrategy soared 53.2% after expanding its Bitcoin-buying program.

Bitcoin-based investments have shown risky yet promising returns in 2024. While spot-price funds like the iShares Bitcoin ETF follow Bitcoin’s price, MicroStrategy is soaring while Riot Platforms has experienced a plunge. Institutional investors are showing interest in ETFs, but it only represents a small fraction of Bitcoin’s market value.

Investors can still capitalize on potential Bitcoin price surges by setting up investments in the digital currency. Those who believe in Bitcoin’s transformative potential can take advantage, while others can observe from the sidelines. The cryptocurrency market remains dynamic and offers potential opportunities for investors.

Read more at Nasdaq: Why Stocks in the Bitcoin Universe Soared In October