Cipher Mining (CIFR) Hits New Historic Peak on Bitcoin Wave

We recently published 10 Power Stocks Crushing Wall Street — 7 at All-Time Highs. Cipher Mining Inc. (NASDAQ:CIFR) is one of the best performers on Tuesday.

Cipher Mining soared to an all-time high anew on Tuesday, as investors loaded positions following Bitcoin’s rally during the day.

At intra-day trading, Cipher Mining Inc.’s (NASDAQ:CIFR) stock touched a new 52-week high of $8.78, before trimming gains to end the day just up by 8.9 percent at $8.32 apiece.

Cipher Mining (CIFR) Hits New Historic Peak on Bitcoin Wave

The rally mimicked the surge in Bitcoin prices, which, as of this writing, was up by 1.95 percent at $111,369.20.

Year-to-date, shares of Cipher Mining Inc. (NASDAQ:CIFR) have already jumped by 89 percent, fueled by the growing investor interest in cryptocurrencies.

While not directly tied to Cipher Mining Inc. (NASDAQ:CIFR), optimism was further spurred by 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.

While we acknowledge the risk and potential of CIFR as an 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 more promising than CIFR and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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