We recently compiled a list of the 10 Firms Defy Market Pessimism. In this article, we are going to take a look at where Cipher Mining Inc. (NASDAQ:CIFR) stands against the other firms.
Ten companies finished firmer on Friday, bucking an overall market pessimism, over a series of catalysts sparking buying appetite.
Wall Street’s main indices all finished in the red territory, with the Dow Jones down by 0.32 percent, the S&P 500 dropped 0.29 percent, and the Nasdaq down 0.50 percent.
In this article, let’s take a look at which companies defied broader market pessimism and explore the reasons behind their growth.
Friday’s top advancers only considered the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A close-up of a laptop with a Bitcoin ecosystem monitor running in the background.
Cipher Mining Inc. (NASDAQ:CIFR)
Shares of Cipher Mining Inc. rallied for a third day on Friday, adding 6.69 percent to its valuation to end at $5.9 apiece. Being a Bitcoin mining firm, the rally in its prices was in line with the overall increase in Bitcoin prices, which at the time of writing was already at $104,832 apiece.
Since President Donald Trump signaled his plans to make cryptocurrency a national priority, Bitcoin’s share prices already marked a 12.16-percent increase year-to-date, with the optimism creating a ripple effect for Bitcoin miners.
Additionally, investors bought up shares in Cipher Mining after it earned a rating upgrade from an investment banking firm over renewed hopes that Trump will establish a strategic Bitcoin reserve in the US.
Last Tuesday, Needham & Company LLC upgraded its price target for Cipher Mining to $7.5 apiece and a “buy” rating, signaling confidence in the company.
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This article is originally published at Insider Monkey.