Bitcoin’s price briefly surpassed $ 28,000 on Wednesday to hit an all-time high, taking its December gain to over 40%.
Cryptocurrency-related stocks rose on Wednesday as Bitcoin headed for its biggest monthly gain since 2019, continuing a rally that has seen some companies’ shares more than quintuple since the end of October.
Marathon Patent Group Inc., which has climbed 444% in the past two months, added 4.4% on Wednesday. Riot Blockchain Inc. rose 7.1% on Wednesday after gaining 383% since October 30 and Bit Digital Inc., which jumped 81% on Monday alone, jumped another 31%.
Hive Blockchain technologies, listed in Canada, gained as much as 6% early Wednesday, with stocks nearly doubling since early December. Additionally, Mike Novogratz’s Galaxy Digital Holdings rose another 3.4%, pushing stocks more than 60% higher since the start of the month.
Bitcoin’s price briefly exceeded $ 28,000 on Wednesday to hit an all-time high, taking its December gain to more than 40%. Other cryptocurrencies rose as well, with the Bloomberg Galaxy Crypto Index up 270% in 2020.
Some investors see Bitcoin as a gold-like hedge against inflation and the weakness of the US dollar, while others see it as too speculative to provide a safe haven.