"Bitcoin hit $80,000"...4 Cryptocurrency-themed Stocks Show Concurrent Strength

▲ Circle (CRCL), Strategy (MSTR), Coinbase (COIN)/AI generated image

As Bitcoin (BTC) recovers the $80,000 mark and expectations for progress on the U.S. cryptocurrency market structure bill (CLARITY) grow, virtual asset-related stocks are showing a strong upward trend across the board.

CoinGape reported that as investor sentiment in the virtual asset market improved, major virtual asset-related stocks such as Strategy, Bitmine, Circle, and Coinbase emerged as stocks to watch in May. The total market capitalization of the virtual asset market approached $2.64 trillion, and Bitcoin's recovery to $80,000 stimulated buying across related stocks.

Strategy surged on news of an $82 million ATM stock offering to raise funds. The company is known as a large Bitcoin holder and has recently paused additional Bitcoin purchases. CoinGape noted that investor attention is expected to focus on Strategy's next quarterly earnings announcement, scheduled for May 7 after market close. Market analysts projected that if the upward trend continues, the stock could reach the $190-$200 range, and potentially $210 with further strength.

Bitmine showed strength on news of expanding its Ethereum (ETH) holdings. According to CoinGape, Bitmine purchased an additional 101,745 ETH last week, increasing its holdings to approximately 5.18 million ETH. The company's total assets, including digital assets and cash equivalents, were estimated at $13.1 billion. Bitmine reportedly holds about 4.29% of Ethereum's circulating supply and generates approximately $297 million in annual revenue through its staking business.

Circle surged more than 18% in a single day amid expectations of progress in stablecoin policy. CoinGape explained that a re-evaluation of Circle occurred as the likelihood of resolving issues related to stablecoin yields in the U.S. cryptocurrency market structure bill increased. With strengthening buying momentum, the short-term resistance level was set at $120, with analysis suggesting a potential rise to the $125-$130 range if the uptrend continues.

Coinbase also rebounded strongly in the same trend. CoinGape reported that news of U.S. senators approaching an agreement on stablecoin yield regulations, a key point of contention in the U.S. cryptocurrency market structure bill, boosted investor sentiment. Coinbase is set to announce its Q1 earnings on May 7, with projections suggesting a potential rise to the $210-$220 range if expectations for policy clarity continue.

The strong performance of virtual asset-related stocks is attributed to a combination of Bitcoin's recovery, policy expectations, and individual company earnings schedules. CoinGape projected that the upward trend of MSTR, BMNR, CRCL, and COIN is continuing, driven by increased policy clarity and a strong market. Future earnings announcements, regulatory progress, and whether key resistance levels are breached will be crucial points for investors to watch.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*