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Crypto Stocks Advance Pre-Market as Bitcoin Tops $51K, Market Cap Hits 26-Month High

Total crypto market cap climbed to $2 trillion for the first time since April 2022.

By Sheldon Reback
AccessTimeIconFeb 14, 2024 at 11:26 a.m. UTC
Updated Mar 8, 2024 at 9:32 p.m. UTC
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U.S.-listed crypto companies rose Wednesday as bitcoin {{BTC}} climbed past $51,000 for the first time since December 2021, taking its market cap to $1 trillion.

Bitcoin, the largest cryptocurrency by market value, added about 2.9% in the last 24 hours, while the CoinDesk 20 Index, a measure of the largest digital assets, rose around 2.1%. Ether {{ETH}}, the second-largest cryptocurrency, gained 3.2% to $2,754, the highest since May 2022, while the total crypto market cap touched $2 trillion for the first time since April that year.

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Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access

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    • Cryptocurrency exchange Coinbase (COIN) rose more than 7%, and software company MicroStrategy (MSTR), which holds around 190,000 BTC on its balance sheet, gained about 6.5%. BlackRock’s bitcoin exchange-traded fund (IBIT), which has the highest inflows among the new spot BTC ETFs, added around 3%.

    Robinhood (HOOD), a trading platform that supports cryptocurrencies, climbed 12% after reporting higher-than-forecast fourth-quarter revenue and saying crypto revenue rose 10% from a year earlier to $43 million.

    Iris Energy (IREN) led gains among miners, surging 14%. Marathon Digital (MARA) added 11% and Riot Platforms (RIOT) 8%.

    Edited by Parikshit Mishra.

    Disclosure

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sheldon Reback
    Sheldon Reback

    Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

    Follow @sheldonreback on Twitter

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