Bitcoin, the world's largest cryptocurrency, has reclaimed its market cap to more than $1 trillion for the first time in two years. The crypto has surged past $52,000, gaining nearly 25% so far this year on the back of a fresh wave of investors’ interest in tokens.
With the digital asset rally, cryptocurrency stocks also surged. We have presented five top-performing stocks that have been leading the rally in the cryptocurrency space this year. These are CleanSpark CLSK, Nvidia NVDA, Advanced Micro Devices AMD, Marathon Digital Holdings MARA, and Iris Energy IREN.
Inside the Surge in Bitcoin
Stocks to Consider
CleanSpark is engaged in the mining of cryptocurrencies. It owns and operates data centers that primarily run on low-carbon power. The stock has gained about 56% this year and has an estimated earnings growth rate of 81.4% for the fiscal year ending September 2024.
Nvidia is the world leader in visual computing technologies and the inventor of graphic processing unit or GPU. The stock has jumped about 47% this year. It has an estimated growth of 64.4% for the fiscal year ending January 2025.
Advanced Micro Devices offers the industry’s broadest portfolio of leadership high-performance and adaptive processor technologies. Its products are used for Bitcoin mining and other cryptocurrencies. AMD has also participated in cryptocurrency development. The stock has risen 20% so far this year.
Marathon Digital is a digital asset technology company, which mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. The stock jumped 15% and has an estimated earnings growth rate of 457.4% for this year.
Iris Energy is a Bitcoin mining company. It builds, owns, and operates data center infrastructure with a focus on entry into regions, wherein it can access abundant and/or under-utilized renewable energy to power its operations. The stock has gained 8% so far this year.