Crypto Stocks Surge as Bitcoin Nears September Peak
Crypto-linked stocks saw a boost in early trading on Monday, following Bitcoin's (BTC) surge to within $500 of its late-September peak. Strategy (MSTR) and CRCL led the gains with around 3% increases in premarket trading, while Coinbase (COIN) and Bitmine Immersion Technologies (BMNR) rose roughly 2.5% each. Despite the rally, only MSTR showed bullish sentiment on Stocktwits, with the other three stocks trending bearish.
Bitcoin's price climbed 0.8% over the past 24 hours, nearing $87,000 before dropping back below $86,000. This marked the second attempt in a week for Bitcoin to break through its late-September high of around $87,400. Last Wednesday, Bitcoin briefly reached $85,500 after a softer U.S. inflation report but quickly lost those gains.
Among major cryptocurrencies, Dogecoin (DOGE) stood out with a gain of over 3%, trading just below $1.10. Ripple’s XRP (XRP), BNB (BNB), and Zcash (ZEC) each rose between 1% and 2%, while Ethereum (ETH) and Hyperliquid (HYPE) saw smaller increases. Solana (SOL) and TRON (TRX) remained relatively unchanged.
Retail sentiment around Bitcoin shifted to 'neutral' from 'bearish' on Stocktwits, despite caution about its ability to surpass the late-September high. Some traders pointed to weaknesses in weekly, monthly, and three-month charts, while others anticipated Bitcoin's historically strong October performance. Bitcoin's year-to-date performance remains down over 2%, still 30% below its record high of over $126,000 from last October.