- NASDAQ:RIOT skyrockets by 30.92% as it outpaces the broader markets.
- RIOT continues to ride the price of Bitcoin and other cryptocurrencies as the industry heats up.
- Riot hits a new hashrate milestone as it deploys its army of miners.
NASDAQ:RIOT has been one of the hottest stocks so far in 2021, as it continues to hitch itself to the Bitcoin price surge. Riot Blockchain entered the year trading at $16.48, but has vaulted up by 372% since then and an astounding 3,100% over the past 52 weeks. Wednesday saw the stock make a further leap as it gained 30.92% to close the trading session at an incredible $77.90, with additional growth after hours. As long as the price of Bitcoin continues to rise, investors can expect the price of Riot to follow suit.
Several major institutions have announced their investments into Bitcoin this week starting with Tesla (NASDAQ:TSLA), which reported a $1.5 billion stake in the digital currency. Also adding to Tesla’s stake have been financial giants MasterCard (NYSE:MA), Bank of New York Mellon (NYSE:BK) and even investing site The Motley Fool announced a $5 million investment. With more companies and large investment vehicles buying up Bitcoin, the supply is quickly disappearing, which has been one catalyst for the extreme surge in price. We can definitely expect more firms to come forward as Bitcoin continues to be a popular alternative to investing in the stock market.
Riot stock news
Riot Blockchain also announced that it recently met a hash rate capacity milestone of 1.06 exahash per second, which is basically a metric of how quickly it can mine Bitcoin on the blockchain. Riot estimates that it will eventually have a total mining hash rate of 3.8 exahash per second, once all of its antminers have been deployed.
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