Cryptocurrencies are gaining traction on Wall Street, with many investors now betting on a quick turnaround for their holdings, including digital currency stocks.
In fact, many of the big players have surged higher since the beginning of the year, including Bitcoin and Ethereum.
Bitcoin’s price soared more than 7,500% on Jan. 18 to $13,869.60.
Ethereum surged more than 2,600% to more than $10,921.50.
But on Jan 18, shares of the two cryptocurrencies were trading at more than a 70% discount to each other, according to Bloomberg News data.
Bitcoin shares are up about 80% in 2017.
The surge in crypto stocks follows a rally last year, when stocks in the technology sector gained as much as 3,000%.
In 2017, those stocks saw their largest gains since the year 2000, when the tech sector gained nearly 7,000% during the dot-com boom.
The latest rally in cryptocurrencies is a sign that the financial sector has regained some traction, as companies are more willing to take risks, and that investors are willing to pay a premium to invest in companies that offer a better return on their capital.
Cryptocurrency companies that have enjoyed rapid gains this year include bitcoin, which rose more than 3,400% from Jan. 1 through Feb. 9, while Ethereum rose more then 1,000%, according to data compiled by Bloomberg News.
In 2017, the top 10 companies in the industry collectively gained more than 8.5 trillion dollars, or $8.2 billion, according an analysis by the U.S. Securities and Exchange Commission.
The top 10 digital currencies were Ethereum, Bitcoin, Ripple, Litecoin, Dash, Dogecoin, and Namecoin, according the S&P Global Market Intelligence report, which tracks cryptocurrencies in the U
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