The cryptocurrency market saw a significant uptick on Thursday, led by Uniswap's 2.32% rise to $4.32. Other notable gains were registered by Ethereum, Polygon, Polkadot, Solana, Bitcoin, Dogecoin, and Cardano. Ripple was the only major cryptocurrency to register a dip during this surge.
Shares of crypto-related companies also experienced a boost, with Coinbase (NASDAQ:COIN) Global, MicroStrategy, Riot Platforms, and Marathon Digital Holdings all recording increases. The rise in these stocks mirrored the uptick seen in Overstock.com (NASDAQ:OSTK) and PayPal (NASDAQ:PYPL) Holdings' shares. However, not all tech stocks followed suit; Block Inc. and Ebang International Holdings both saw declines.
In the broader tech sector, Tesla (NASDAQ:TSLA) Inc.'s stock rallied on Thursday, echoing the positive sentiment seen in the cryptocurrency market. NVIDIA Corp (NASDAQ:NVDA). and Advanced Micro Devices (NASDAQ:AMD) also saw their stock prices increase.
Crypto-focused funds Bitwise Crypto Industry Innovators ETF and Amplify Transformational Data Sharing ETF posted growth as well, reflecting the overall bullish trend in the crypto market. Grayscale Bitcoin Trust, which tracks Bitcoin's market price, also reported an increase.
This surge in the cryptocurrency market and related stocks underscores the increasing influence of digital currencies on global markets. It also highlights the interconnectedness between traditional tech stocks like Tesla and NVIDIA and their counterparts in the crypto industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.