Cipher Mining (CIFR) Hits New All-Time High on Growing Optimism for Crypto

We recently published 10 Stocks With Double-Digit to 100% Upside in Just a Week. Cipher Mining Inc. (NASDAQ:CIFR) is one of the worst performers on Friday.

Shares of Cipher Mining jumped by 19.7 percent week-on-week to reach a new all-time high, as investor sentiment continued to be fueled by growing interest in cryptocurrencies.

On Friday alone, Cipher Mining Inc. (NASDAQ:CIFR) soared to a new all-time high of $8.71, marking a 36.5-percent jump in just the past five trading days alone, before trimming gains to end at $7.64.

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This followed a flurry of positive developments in the sector, including wider adoption of Bitcoin and other cryptocurrencies, as evidenced by the growing number of treasuries, supported by the government’s recently passed regulatory frameworks.

Adding to the momentum, while not directly tied to Cipher Mining Inc. (NASDAQ:CIFR), was news that President Donald Trump’s sons recently formed a new Bitcoin mining company to position themselves in the booming digital asset space.

In recent news, Cipher Mining Inc. (NASDAQ:CIFR) earned a “buy” recommendation from investment firm Canaccord with a higher price target of $9. Even with the week-on-week jump, the new price target still marked a 17.8-percent upside from Friday’s closing price.

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