A crackdown by China’s regulators has made the United States the new crypto haven for miners. Cryptocurrencies saw record rallies in October. Also, miners have been stockpiling crypto, which could drive their prices up further. Against this backdrop, we think soaring crypto stocks Marathon Digital (MARA), Bakkt Holdings (BKKT), and Bit Digital (BTBT) could be ideal additions to one’s watchlist now.Digital currencies have gained significant prominence and popularity over the past few years. And after China pulled the plug on the Chinese crypto market by banning Bitcoin—the largest cryptocurrency—the United States has become the new mining capital, with a 35% share of the global hashrate, which is the collective computational power of miners.
Recently, many cryptocurrencies have been soaring. Bitcoin nearly hit the $67,000 mark, closing with a 28% monthly gain in October. The social media-driven puppy crypto, Shiba Inu, rose 777% in the 30 days ending October 29. Given these stellar rallies, miners have been stockpiling bitcoin, driving price predictions toward the $100,000 mark and setting crypto up for further gains.
Given this setting, we think cryptocurrency stocks of Marathon Digital Holdings, Inc. (MARA), Bakkt Holdings, Inc. (BKKT), and Bit Digital, Inc. (BTBT), which gained significantly over the past month, could be good additions to one’s watchlist.