Why Many Cryptocurrency Stocks Soared in January

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Many cryptocurrency stocks posted strong gains in January, according to data from S&P Global Market Intelligence. These stocks amplified the performance of bitcoin (CRYPTO: BTC) — the leading cryptocurrency’s price rose by 14% last month.

Business analytics company MicroStrategy (NASDAQ: MSTR), which has converted its long-term investments from bonds into bitcoin, gained 48.9% in January. Colorado-based bitcoin mining specialist Riot Blockchain (NASDAQ: RIOT) saw a 20.8% share price gain. Digital asset manager Marathon Patent Group (NASDAQ: MARA) led the pack with a 98.7% surge.

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