what happened
In the crypto space, investments often go hand in hand with the biggest and most important coins.It’s because crypto and crypto-adjacent stocks riot platform (riot 14.52%) When silvergate capital (When 12.89%) soared behind Bitcoinof (Bitcoin 7.14%) Forward. Riot closed nearly 15% higher, with Silvergate up nearly 13% of him.
So what
Several factors have combined to propel Bitcoin and other major cryptocurrencies. In particular, this was due to the government inflation data released in the morning. The top coin was trading significantly higher to a point above the $18,000 price level. Other major coins and tokens were also heading north. ethereum When Cardano.
Riot and Silvergate are quite different animals. The former is essentially a full-time bitcoin miner (at least for now), and the added effect of its equity is clear.
Silvergate is in many ways a traditional bank, but the Silvergate Exchange Network (SEN) is lumped with other cryptocurrencies as it is a real-time payment platform serving users of cryptocurrency exchanges and institutions. often The stronger the digital coin market, the more profit SEN (and thus Silvergate) can make.
So
It’s too early to tell if this is a real crypto rally, but it looks like bulls are starting to pile onto digital coins again. If this trend continues, Riot, Silvergate and stocks closely related to such assets will certainly continue to perform well.
Eric Volkman holds positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin, Cardano, and Ethereum. The Motley Fool recommends Silvergate Capital. The Motley Fool’s U.S. headquarters has a disclosure policy.
