Shares of crypto stocks Marathon Digital Holdings (NASDAQ:MARA), Cipher Mining (NASDAQ:CIFR), Microstrategy, Inc. (NASDAQ:MSTR), Coinbase (NASDAQ:COIN) and Riot Platforms (NASDAQ:RIOT) are climbing Wednesday as the price of bitcoin bounces back following a decline on Tuesday.
The premier cryptocurrency is currently up 2% on Wednesday after a more than 6% decline on Tuesday. Bitcoin touched a new all-time on Tuesday after surging above the $69,000 threshold before seeing a sharp correction. As of 07:50 am ET today, BTCUSD is trading close to the $65,500 mark
This has helped to drive the share price of crypto stocks higher in premarket trading. MARA is up 4%, Cipher mining has climbed 3.5%, MSTR is trading 7.8% higher, Coinbase has gained 4.6%, and RIOT has rallied 4.2%.
Following the rally in bitcoin, analysts at Bernstein said in a recent note that while the gains "can be attributed to the ETF flows, the market is just not stopping at Bitcoin."
The firm expects the market recovery to be "broad-based, with DeFi leading the charge."