Speculators and cryptocurrency traders might not be the only ones that are benefiting from the current Bitcoin rally. Many stocks of Asian companies have rapidly risen today, as Bitcoin managed to hit a new all-time high.
Asian Company Stocks are Rallying
The whole financial and technology world is watching today, as the popular decentralized cryptocurrency Bitcoin managed, for the first time to reach the astonishing price of $11,517 and a total market cap valuation of over $176 billion. Ethereum, another cryptocurrency that has also rapidly risen in the last couple of days, reached a new all-time high price of $522 and a total valuation of over $45 billion on Wednesday. In contrast, the total cryptocurrency market has currently reached the valuation of over $309 billion.
Cryptocurrency traders and investors aren’t the only ones that are excited by this rally. Asian technology stocks have also risen in the last couple of months. The main reason behind that is the current boom of the cryptocurrency mining market. Stocks of Asian chip manufacturers have rapidly grown in the anticipation that future demand for cryptocurrency mining equipment would rise. The Taiwan Semiconductor Manufacturing Co Ltd is one of the Asian companies …
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