ETFdb Logo
ETFdb Logo
  • ETF Database
  • Channels
    • Active ETF
    • Alternatives
    • Beyond Basic Beta
    • China Insights
    • Climate Insights
    • Commodities
    • Core Strategies
    • Crypto
    • Disruptive Technology
    • Dividend
    • Dual Impact
    • Emerging Markets
    • Energy Infrastructure
    • ESG
    • ETF Building Blocks
    • ETF Education
    • ETF Strategist
    • Fixed Income
    • Free Cash Flow
    • Future ETFs
    • Global Diversification
    • Gold/Silver/Critical Minerals
    • Innovative ETFs
    • Institutional Income Strategies
    • Leveraged & Inverse
    • Managed Futures
    • Market Insights
    • Megatrends
    • Modern Alpha
    • Multi-Asset
    • Night Effect
    • Portfolio Strategies
    • Retirement Income
    • Richard Bernstein Advisors
    • Tax Efficient Income
    • Thematic Investing
    • Volatility Resource
  • Tools
    • ETF Screener
    • ETF Country Exposure Tool
    • ETF Sector Tracker Tool
    • ETF Database Categories
    • Head-To-Head ETF Comparison Tool
    • ETF Stock Exposure Tool
    • ETF Issuer Fund Flows
    • Indexes
    • Mutual Fund To ETF Converter
    • ETF Data for Journalists
    • ETF Nerds
  • Research
    • First Bitcoin ETF
    • ETF Education
    • Equity Investing
    • Dividend ETFs
    • Leveraged ETFs
    • Inverse ETFs
    • Index Education
    • Index Insights
    • Top ETF Sectors
    • Top ETF Issuers
    • Top ETF Industries
  • Webcasts
  • Themes
    • AI ETFs
    • Blockchain ETFs
    • See all Thematic Investing ETF themes
    • ESG Investing
    • Marijuana ETFs
  • Multimedia
    • ETF 360 Video Series
    • ETF Trends on Videos
    • ETF Trends on Podcasts
    • ETF Prime Podcast
  • Company
    • About Us
    • Swag Store
  • PRO
    • Pro Content
    • Pro Tools
    • Advanced
    • FAQ
    • Pricing
    • Free Sign Up
    • Login
  1. Crypto Channel
  2. Crypto Miners Had an Incredible Day Yesterday
Crypto Channel
Share

Crypto Miners Had an Incredible Day Yesterday

Evan HarpNov 09, 2021
2021-11-09

Crypto’s big day yesterday lifted mining stocks across the sector, and good news keeps rolling in for cryptocurrencies.

Bitcoin and Ethereum surged, with bitcoin approaching record highs and Ethereum’s token, ether, reaching a new high water mark of $4,816.60.

In yesterday’s rally, Marathan Digital went up 20%, Riot Blockchain leaped 17%, MicroStrategy was up 9%, Coinbase climbed 7%, and Hive and Hut 8 both increased by 5%.

One thing all of these firms have in common is that they are all holdings in the VanEck Digital Transformation ETF (DAPP C+). As crypto continues to normalize, firms that deal in the digital infrastructure of the space will continue to grow. Profitability in mining is extremely high right now. In a presentation back in September, Marathon noted that its mining costs, when all rigs are deployed, comes to about $5,612 per bitcoin. That translates to an impressive margin of 85%.

VanEck Digital Transformation ETF

People Are Looking to Bitcoin as a Store of Value

Coinbase’s weekly email on Friday said, “The inflation narrative still dominates the headlines and people are feeling the pinch globally. Whether it’s gas prices in the U.S., energy prices in Europe or food prices in Latin America, the headwinds of supply chain constraints and a shrinking labor force has investors looking for a store of value.”

Eddie Wang, a senior analyst at OKLink research, noted that the network’s hashrate has been steadily increasing since July, indicating positive bullish signs for cryptocurrency in the medium term. The number of unique wallets with non-zero balances has also returned to 39 million, close to its May high.

Daniel Kukan, a senior cryptocurrency trader at Crypto Finance AG, noted that bitcoin’s performance over the past couple of weeks was a solid indication of a bull market pause. “It was a healthy consolidation and the market has not tested the short term support of $58,000, which is a strong signal. I can see some interest to sell at slightly above $70,000, [but I] guess we are going to take out that level rather fast.”

For more news, information, and strategy, visit the Crypto Channel.


Content continues below advertisement

Loading Articles...
Help & Info
  • Contact Us
Tools
  • ETF Screener
  • ETF Analyzer
  • Mutual Fund to ETF Converter
  • Head-To-Head ETF Comparison
  • ETF Country Exposure Tool
  • ETF Stock Exposure Tool
  • ETF Performance Visualizer
  • ETF Database Model Portfolios
  • ETF Database Realtime Ratings
  • ETF Database Pro
More Tools
  • ETF Launch Center
  • Financial Advisor & RIA Center
  • ETF Database RSS Feed
Explore ETFs
  • ETF News
  • ETF Picks of the Month
  • ETF Category Reports
  • Premium Articles
  • Alphabetical Listing of ETFs
  • Best ETFs
  • Browse ETFs by ETF Database Category
  • Browse ETFs by Index
  • Browse ETFs by Issuer
  • Compare ETFs
Legal
  • Terms of Use and Privacy Policy
  • © 2023 VettaFi LLC. All rights reserved.
Follow ETF Database
Follow ETF Database

Advertisement

Is Your Portfolio Positioned With Enough Global Exposure?

ETF Education Channel

How to Allocate Commodities in Portfolios

Tom LydonApr 26, 2022
2022-04-26

A long-running debate in asset allocation circles is how much of a portfolio an investor should...

Core Strategies Channel

Why ETFs Experience Limit Up/Down Protections

Karrie GordonMay 13, 2022
2022-05-13

In a digital age where information moves in milliseconds and millions of participants can transact...

}
X