Bitfarms Ltd. (BITF) saw its stock soar 6.51% in pre-market trading on Monday, as part of a broader rally in cryptocurrency-related stocks. The surge comes as Bitcoin, the leading cryptocurrency, reached a new high of $115,549, marking a 3.41% increase over the past 24 hours.
The upward momentum wasn't limited to Bitfarms alone. Other crypto stocks also experienced significant gains in overnight and pre-market trading. Bakkt Holdings joined Bitfarms with an over 9% increase, while companies like CleanSpark, SharpLink Gaming, and Upexi saw jumps of over 6%. Additionally, BitMine, Riot Platforms, and TeraWulf all rose by more than 5%.
The positive sentiment in the crypto market extended beyond Bitcoin. Ethereum, the second-largest cryptocurrency by market cap, also contributed to the bullish trend, trading at $4,194 with a substantial 6.2% increase in the past 24 hours. This overall strength in the cryptocurrency market appears to be a key driver behind the surge in Bitfarms' stock price and those of its peers in the crypto mining and blockchain technology sectors.