Bitcoin Rally Ignites Lackluster Performance Of Crypto Stocks

Bitcoin Rally Ignites Lackluster Performance Of Crypto Stocks

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Bitcoin Rally Ignites Lackluster Performance Of Crypto Stocks

Bitcoinist.com2 months ago
EthereumEthereum
RallyRally
BitcoinBitcoin
Published on August 10, 2022 06:26 GMT+00:00edited on August 10, 2022 17:59 GMT+00:00

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Bitcoin had an impressive performance in July, along with major digital tokens that have hit their targets in the last four weeks.

Bitcoin (BTC) increased by over a quarter, reaching $24,000, while Ethereum increased by approximately 55 percent, trading around $1,700.

In the first week of July, the price of BTC led a strong increase in the price of all cryptocurrencies. Not unexpectedly, this contributed to the rise of Bitcoin mining stocks, an Arcane research shows.

Crypto Miners Enjoy Brisk Revenues

As miners make revenue in the form of BTC, an increase in the crypto’s price should benefit their revenues and profits.

Adding to the leverage in this aspect, miners retain a substantial amount of the tokens they mine rather than instantly converting them into cash. This can be …