The major players in the cryptocurrency market, Bitcoin and Ethereum, saw significant gains on Monday, with Bitcoin surging to $28,569.40 and Ethereum rallying to $1,727.98. Other cryptocurrencies including Solana, which reached $24.01, and Cardano, which rallied to 27 cents, also experienced notable increases.
In the wake of this crypto rally, stocks related to the sector also saw substantial movements. Coinbase (NASDAQ:COIN) Global Inc.'s shares rose to $78.46 and Marathon Digital Holdings Inc.'s shares jumped to $9.62 on Monday. Meanwhile, the Bitwise Crypto Industry Innovators ETF increased to $7.03 and the Grayscale Bitcoin Trust rallied to $20.12.
However, not all companies in the crypto-related sector experienced gains. Overstock.com (NASDAQ:OSTK)'s shares dropped to $15.50 and Tesla (NASDAQ:TSLA) Inc., which has previously invested heavily in Bitcoin, saw its shares decrease to $247.66.
In addition to the market leaders Bitcoin and Ethereum, other cryptocurrencies like Dogecoin, Uniswap, Ripple, Polkadot, and Polygon also moved notably on Monday. NVIDIA Corp (NASDAQ:NVDA)., a leading graphics processing unit (GPU) manufacturer that is widely used in cryptocurrency mining operations, also benefited from this uptick in the crypto market with its shares climbing to $447.66.
Overall, Monday marked a significant day for cryptocurrency markets as well as for companies involved in the sector. The reasons behind these movements are varied and complex, reflecting the multifaceted nature of this rapidly evolving industry.
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