On October 14, 2024, several U.S.-based crypto-linked stocks saw significant gains as Bitcoin experienced a 6% rally, peaking at $66,400 — its highest price since late July. This rally has boosted investor confidence, especially in the cryptocurrency and blockchain industries.
CleanSpark and Coinbase Lead the Gains
Bitcoin miner CleanSpark emerged as one of the top performers, with its stock increasing by 12.72%, closing at $10.81. In after-hours trading, the price increased by another 1.72%, reaching $11 Coinbase, a leading cryptocurrency exchange, also saw a significant 11.3% rise, closing at $196.35, followed by a 1.71% increase after-hours, reaching $199.70.
Broader Market Impact
The rally extended to other crypto-related companies. The stock of Iren (once Iris Energy) rose by 10.21%, whereas TeraWulf and MARA Holdings (previously Marathon Digital) saw gains of 6.65% and 5.6%, respectively. Even companies with indirect ties to Bitcoin, like Semler Scientific, saw a 4.3% after-hours increase, despite flat performance during regular trading.
Underperformers in the Market
While most crypto stocks enjoyed gains, MicroStrategy and Core Scientific bucked the trend. After a significant drop of 5.1%, MicroStrategy’s stock fell to $201.67, although it recovered by 1.65% in after-hours trading. Core Scientific also experienced a decline of 1.9% to $12.97, though it rebounded slightly to $13.05 after hours.
Optimism Surrounds “Uptober”
Bitcoin’s recent rally has analysts excited about a possible continuation of October’s historically bullish trend. Market analyst On-Chain College highlighted that Bitcoin surpassed two critical thresholds: the 200-day moving average and a short-term holder cost basis of $62,600. These milestones are often considered precursors to more significant market movements.
Market Expectations
As investor interest rises, some experts are predicting that Bitcoin might break through the $70,000 mark soon. Dan Tapiero, founder of 10T Holdings, expressed optimism, suggesting Bitcoin is on the verge of substantial gains as the year moves into its final quarter. Historical trends, combined with the upcoming Bitcoin halving and the U.S. elections, could provide additional momentum to push Bitcoin to new highs.
At present, Bitcoin is trading at $66,270, roughly 10.4% short of its peak value. Many investors are optimistic about further growth, driven by both market fundamentals and external factors like the U.S. election and macroeconomic conditions.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
My work centers on understanding how blockchain, AI, and digital identity are reshaping global industries. At Spearmint, I help lead the direction of initiatives that bring clarity, structure, and meaningful user experiences to complex technological environments. I focus on bridging vision with execution, ensuring that innovation remains practical, scalable, and aligned with long-term growth.
As an author at Coinography, I create insights that translate fast-moving Web3 developments into clear, useful narratives. I explore topics such as decentralized governance, digital identity, creator economies, token models, protocol design, and the shifting cultural patterns around emerging technology. My aim is to make digital transformation more understandable and approachable for a wider audience.
I believe that Web3 is not only a technological shift but a cultural and creative one. Strong ideas, thoughtful communication, and human-centered design will shape which technologies thrive and how communities evolve around them. My writing and research reflect this belief, focusing on clarity, relevance, and long-term perspective.
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