Why Terawulf (WULF) Is Among Wednesday’s Top Gainers?

We recently published a list of Bitcoin Miners, Quantum Computing Lead Rally: A Look at Wednesday’s Top 10 Gainers. In this article, we are going to take a look at where Terawulf Inc. (NASDAQ:WULF) stands among Wednesday’s top gainers that lead rally.

Wall Street’s main indices closed in the green territory on Wednesday, posting gains of more than 1 percent as investors cheered news of a tamed inflation rate for November.

The Dow Jones jumped by 1.65 percent, while the S&P 500 surged by 1.83 percent. Meanwhile, the Nasdaq Composite index soared 2.45 percent.

Ten companies mirrored the broader market optimism, led by the quantum computing and bitcoin mining sectors. Today, let’s take a look at what buoyed investor sentiment for each of the top gainers.

To come up with Wednesday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Terawulf Inc. (NASDAQ:WULF)

Terawulf Inc. (NASDAQ:WULF)’s share prices increased by 10.95 percent on Wednesday to finish at $6.18 each, as traders took heart from positive developments in the cryptocurrency industry, particularly on a potential end to regulatory crackdowns with the appointment of pro-cryptocurrency and former SEC official Paul Atkins to lead the commission.

Terawulf (NASDAQ:WULF)’s prices rallied alongside its peers and higher Bitcoin prices, which as of Wednesday was on its way to retesting its $100,000 resistance level.

As soon as the Trump administration assumes office over the next few days, investors will be looking out for further cues on President Donald Trump’s cryptocurrency regulations, particularly clearer guidance and rules on when the agency deems a cryptocurrency to be a security, as well as reviewing pending crypto enforcement cases in the courts.

Overall, WULF ranks 5th on our list of Wednesday’s top gainers that lead rally. While we acknowledge the potential of WULF as a leading investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as WULF but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.