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
Written By
US stocks will rally on Friday, after President Donald Trump's executive order temporarily banning travel to the US from seven majority-Muslim countries was upheld in the Supreme Court.Read moreThe US stock market is expected to fall around 1%, with the Dow Jones Industrial Average falling around 14,000 points.The Nikkei 225 is expected by analysts to trade up around 10%, with a rally in the broad...
I once thought that being a woman was an innate quality that was unquestioned by society.And yet, I know that being female has been a constant source of struggle and suffering for many women.So, I want to share with you my story, in order to raise awareness about t...
Petco Inc. said Wednesday it will close the Krog Street Market Garden store it closed last year and relocate its petco business to a new building in Krog St. Market, where it plans to sell pet coke and petco foods and services.Petco is moving its operations from a ...
The stock market has been up on Friday in India's biggest economy.The Sensex is up more than 3% to 8,096.21, the Nifty is up 1% to 7,845.80 and the BSE is up 2% to 9,852.72.Analysts said the rally was driven by a strong sentiment towards the economy and the governm...