Unless you were not checking your crypto portfolio over the weekend, then you likely saw Bitcoin rose to prices above $11,000 or as high as $11,119 according to data from Coinmarketcap.
As you would expect too, Bitcoin’s growth had a significant impact on Asia stocks that offer investors exposure to the crypto markets. In simpler terms, these means companies that a substantial portion of their profit comes from their involvement with cryptocurrencies.
Bloomberg reports today that at the start of this new week, crypto-related stocks accrued gains as follows:
- GMO Internet Inc (7%)
- Metaps Inc. (11%),
- Remixpoint Inc. (6.2%)
- Ceres Inc. (4.4%)
- Vidente Co. (5.4%)
- Woori Technology Investment Co (4.6%)
Interestingly, the gains by GMO Internet catches the eye since it was only last month that the company announced it was going to “more focus back on its Bitcoin mining business again.” The move followed the company’s migration of its mining farms to a new location where it could enjoy cheaper electricity.
Meanwhile, the newly accrued gains by GMO Internet as per Bloomberg brings their total growth on the year-to-date chart to 35%, its highest level since October.
Bitcoin Beats em’ all
Going back to the crypto markets, the gains by the Asian stocks only represent a fraction of the over 20% gains that Bitcoin made over the weekend, moving from above $9600 to $11,100 in less than 40 hours.
Although there is a slight drop back to $10,854 at press time, analysts believe the leading cryptocurrency breaking the psychological $10,000 barrier means it could witness more growth in the coming days.
Bitcoin had a $193 billion market cap at the time of writing, meaning it owns at least 59% of the total crypto market.