After struggling for traction since roughly mid-July, Riot Platforms (RIOT) and other blockchain miners popped up sharply on Monday. Unsurprisingly, the catalyst stemmed from the underlying cryptocurrency market, which appeared to blossom under the seasonal trend known as “Uptober.” For whatever reason, cryptos tend to perform well during the tenth month of the year, enlivening RIOT stock and its ilk.
Even better, the pattern has been persistent, enabling at least short-term traders to scalp some quick profits. For this year’s edition, several other entities, including Hut 8 Mining (HUT) and Marathon Digital (MARA), printed gargantuan single-day returns. Naturally, proponents of decentralized assets are hoping that the beleaguered virtual currency market is turning a corner. If so, that could translate to even bigger rewards for RIOT stock.
