Canaan (CAN) Makes a Big Move This Year on Crypto Run-Up

Stocks rising without any specific news are nothing new and one of the stocks that experienced such a rally yesterday was that of the Chinese cryptocurrency company Canaan Inc (NASDAQ: CAN).

The cryptocurrency rush over the past months has been quite dramatic, to say the least, and Canaan is riding that wave through the manufacturing of Bitcoin mining machines. The stock has been in the middle of a remarkable rally since February and on Monday, it rallied by another 47%.

In this sort of situation, it could be worthwhile for investors to keep the stock on their watch lists. Experts like Vivian Medithi, who is an editor of the website InvestorPlace, stated that the rally in the Canaan stock is an outcome of optimism about the entire crypto sector.

Recently, Canaan announced that it had received as many as 100,000 orders for its mining machines from the North American market. Hence, the optimism around the stock is perhaps understandable despite there being no recent news.