From Barchart:

Wednesday saw a positive day for cryptocurrency and crypto mining company shares, with Bit Digital (NASDAQ: BTBT) gaining more than 18% in share price. This was due to a positive move by an analyst who upgraded the stock and more than doubled the price target, as well as Bit Digital’s announcement of their plan to double their Bitcoin mining operations in 2024. The bullish market momentum for cryptocurrencies and the anticipation of new cryptocurrency exchange-traded funds in 2024 is contributing to this success.

Notably, Bitcoin’s price surge and increased demand also contributed to Bit Digital’s success, as the company has announced its plan to double the operating fleet of its Bitcoin mining operations in 2024. The bullish market momentum for cryptocurrencies and the anticipated coming of the first Bitcoin spot exchange-traded funds in 2024 could potentially continue this upward trend into the new year.

In addition to the positive outlook for Bit Digital, the Motley Fool Stock Advisor analyst team identified 10 best stocks for investors to buy now, none of which were Bit Digital. This is important for potential investors to consider before buying stock in Bit Digital. The Motley Fool has had a strong track record, tripling the return of S&P 500 since 2002.



Read more: Why Bit Digital Stock Raced 18% Higher on Wednesday