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.

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.

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