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- 📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
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Bitcoin Miner BitMine's Stock Skyrockets 563%: Should You Buy?
According to Yahoo Finance stocks data, BitMine Immersion Technologies’ stock, BMNR, has seen a massive price spike. The Bitcoin mining stock has risen 24.59% after market hours and 563.61% in the 52-week charts. Let’s discuss whether you should consider buying the stock.
According to BitMine’s Chairman of the Board of Directors, Thomas Lee, “In just a week, BitMine increased its ETH holdings by $2.0 billion to $4.96 billion (from 833,137 to 1.15 million tokens), lightning speed in the company’s pursuit of the ‘alchemy of 5%’ of ETH.“
**In just a week, BitMine increased its ETH holdings by $2.0 billion to $4.96 billion (from 833,137 to 1.15 million tokens), lightning speed in the company’s pursuit of the ‘alchemy of 5%’ of ETH.**BitMine stock is currently one of the hottest stocks in the US market. According to Fundstrat, BMNR has seen an average daily volume of about $2.2 billion.
The BTC mining company’s stock could continue to rally over the coming weeks. The rally may have been triggered by the company’s disclosure about its Ethereum (ETH) holdings. Ethereum (ETH) has seen incredible growth over the last few months. The asset began an ascent after its Pectra upgrade. ETH has once again reclaimed the $4,000 price point, a level last traded at in December of last year.
Also Read: 5 Bitcoin Mining Wallets Wake After 15 Years With $29 Million Profit
Also Read: 5 Bitcoin Mining Wallets Wake After 15 Years With $29 Million ProfitBitMine’s stock price spike could also be due to BTC inching closer to a new all-time high. The original crypto briefly reclaimed the $122,000 mark earlier today. The asset has since slipped to the $120,000 price level. BTC is down by just 2.2% from its all-time high of $122,838. There is a high chance the asset will climb to a new all-time high very soon.