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Bitcoin Rebounds Above $123K as Miners Rally; VanEck Sees $644K BTC Amid Gold Gains
Bitcoin regained ground on Wednesday, climbing back to nearly $124,000 after a flush to $120,000 the day before. It was recently trading at $123,500, up 1.5% over the past 24 hours.
Altcoins followed the move higher but didn't reclaim the levels seen earlier in the week. Ethereum, Ripple's XRP, Solana, DOGE and AVAX each added between 1% and 3%. The CoinDesk 20 Index, which tracks a basket of major digital assets, rose 2%.
Looking at crypto-related stocks, BTC miners tied to high-performance computing infrastructure once again led gains. Cipher Mining and Bitfarms jumped 11%--12%, while CleanSpark and Hut 8 added around 6%. The gains build on optimism that artificial intelligence-driven demand for computing power will benefit crypto miners.