- 1 Riot stock price gained over 400% since the beginning of this year.
- 2 For about a month, the stock price has been on an uptrend.
- 3 Riot Platforms Inc. is expecting to drop second-quarter earnings by August 21, 2023.
Cryptocurrency markets have seen rapid growth in the past several years. The growth retains with the companies having ties with the burgeoning asset class industry. Riot Platforms Inc., or former Riot Blockchain, is one among the companies. The global cryptocurrency market saw an up move since the start of 2023, Riot stock price moved insanely during a similar timeframe.
Though Riot stock is not the only one to gain value, it is still ahead of most counterparts and crypto companies in general.
400% Gain YTD in Riot Stock Price
The biggest US crypto exchange, Coinbase (NASDAQ: COIN) share price rose over 180% year to date (YTD). One of the biggest Bitcoin funds, Grayscale Bitcoin Trust (GBTC) gained 140% of its value. Bitcoin evangelist Michael Saylor’s MicroStrategy (NASDAQ: MSTR) stock price gained 200%.
Crypto miner Marathon Digital (NASDAQ: MARA) is trading up by 390% YTD. Riot stock price sits at the highest gain of over 445% during a similar timeframe.
Riot Platforms, the company engaged in Bitcoin (BTC) mining operations in the North American region, holds a market capitalization of $3.14 Billion. It is expected to see a growth of 44% in its revenue which was $259 Million in 2022. The company is expected to post earnings with an increase of over 70% year over year.
Riot Stock Price (NASDAQ: RIOT) Movement
RIOT stock price is at $18.38 after gaining over 4% in the last intraday trading session on Friday, 28th July 2023. In a monthly time frame, RIOT share rose up to 40% from $12 acting as immediate support.
The stock price maintained a strong support zone between the range of $12 to $10 for about a quarter. It is sustaining long-time support at $5.
Riot share price is above the moving averages where the 50-day EMA is at $14 and the 200-day EMA is at $10. The moving averages saw the golden crossover during April and the gap between them is on expansion, suggesting a potential rise in price.
RSI is at 70 indicating the price is in a bullish trend. MACD curves are taking a slight downward slope and deriving that RIOT stock might see a slight retracement moving forward.
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.