Business & Investment

Two crypto stocks that saw double-digit growth on Thursday

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Cryptocurrency company Galaxy Digital Holdings (TSX: GLXY) When Voyager Digital (TSX: VOYG) Double-digit growth was seen on Thursday. Voyager stocks surged 22%, while Galaxy stocks rose 12% in the morning trading.

What’s wrong?

Share of cryptocurrency holdings Enterprise It soared as cryptocurrencies continued to rise. Bitcoin continued to rise, reaching a record high in almost 52 weeks. In addition, Shiba Inu continued to rise by 10%, Dogecoin by 25%, and Ethereum by 4%.

This reaction comes from more exchange-traded funds (ETFs) that focus on cryptocurrencies and hit the US market. However, investors are already beginning to realize that Canada has these ETFs on hand. This includes Galaxy Digital and Voyager Digital.

so what?

U.S. investors have started investing Canadian ETFs that have been on the market for some time. Supported by the value of the rise in cryptocurrencies, the number of companies associated with the rise is growing exponentially.

However, digital holding companies seem to have an advantage. Here you have full access to the rise of cryptocurrencies. Instead of investing in the five-digit price of Bitcoin, you can simply get a portion of it. The same applies to some other cryptocurrencies.

So what?

Technically speaking, both Galaxy and Voyageur have reached the breakout point. In this case, that means investors may be bullish on picking up stocks to support this perhaps continued uptrend.

The recent move also happens when Voyageur announces a $ 75 million investment in crypto researcher Alameda Research. The company “trades over $ 5 billion per day across thousands of products, including all major coins and altcoins and their derivatives.”

In addition, Voyager Digital will release its earnings report tomorrow, Friday, October 29th. Meanwhile, Galaxy Digital will announce earnings on November 15th.

If Voyageur Digital announces positive news, it’s likely, but its share could continue to rise. This can also affect Galaxy Digital’s market share.And as long as cryptocurrencies are generally maintained climbingInvestors will see these shares rising steadily.

Two crypto stocks that saw double-digit growth on Thursday Two crypto stocks that saw double-digit growth on Thursday

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