Bitcoin’s [BTC] surge above $5,000 fuels bullish movement in crypto-linked stocks

Bitcoin, the largest cryptocurrency in the crypto world, saw a new bullish trend earlier this week which led the price of the coin to pump above the $5,000 resistance, along with other cryptocurrencies. BTC surged as high as $5,316 in late US trading before it dipped by Asia hours, cited Bloomberg.

The publication’s Galaxy Crypto Index tracked the rally of Bitcoin this week to be 38%, which might result in Bitcoin gaining for the fifth straight week after months of tanking prices.

However, this pump in price did not just impact the crypto market. According to the publication, crypto-linked stocks in Asia extended gains following the Bitcoin bull run. This was led by Remixpoint Inc. in Japan, which jumped by 16% during the day on Thursday. The company is up by 26% in this week. Vidente Co. joined Remixpoint Inc., as it climbed 20% over the weekend. Omintel Inc. reportedly posted a 6.3% advance.

The Bitcoin surge fueled a post-market rally in US small-cap crypto stocks soon after Wall Street closed. Riot Blockchain Inc. advanced by 12% and touched $5.42 after the close. This hike added to the 12% surge it observed on Wednesday’s trading, however, it lost all the gains soon. Other crypto companies like DPW Holdings Inc. and Marathon Patent Group Inc. spiked after the close.

Shares of Galaxy Digital Holdings Ltd. is up by 159% this year. The Toronto-listed company is the part owner of Mike Novogratz’s crypto-merchant bank Galaxy Digital Holding LP. The company noted a 159% surge after a dreadful 2018 when it lost $136 million in a period of nine months.

At press time, BTC was valued at $4,971.91 with a market cap of $87 billion. It noted a 24-hour trading volume of $17.74 billion and surged by 21.93% over the past week. BTC noted a dip of 0.80% over the past day and was dipping further by 0.17% in an hour. The resistance for the largest cryptocurrency was at $5,654.

The post Bitcoin’s [BTC] surge above $5,000 fuels bullish movement in crypto-linked stocks appeared first on AMBCrypto.