The rally trend in Bitcoin has resulted in substantial increases in the stocks of cryptocurrency companies in 2023. Coinbase and Marathon Digital have been the most talked-about crypto firms, thanks to the three-digit percentage returns they have achieved throughout the year.
As of yesterday, Coinbase’s (COIN) stocks reached the highest level in 18 months, marking a gain of over 350% since the beginning of the year. Marathon Digital (MARA), on the other hand, secured a return of over 500%, testing levels around $19.90 and currently trading at $14.86.
The reason behind this surge in both Bitcoin and consequently the stocks is the possibility of the first spot Bitcoin ETF getting approved in the U.S. market. News and applications related to ETFs are attracting more institutional investors to the cryptocurrency market.
As the likelihood of ETF approvals increases, more investors are increasing their investments in these areas. A positive market response is anticipated in the event of a potential ETF approval.