After having surged by as high as 34.5% in February, the Ebang International Holdings Inc (NASDAQ: EBON) stock is continuing in the same vein in March.
Over the course of the past week, the stock has also risen by as big as 35% and on Thursday alone, it jumped by 12%. In this situation, it could be worthwhile for investors to look a bit deeper into Ebang’s operations and figure out the reason behind the remarkable rally. Ebang is involved in the cryptocurrency space and at this point, it is a hot sector.
One of the biggest triggers for the rally came about after Ebang made an announcement with regards to its mining business. Back on February 4, the company announced that the design of a new chip had been completed that could mine both Litecoin and Dogecoin at the same time. The company also announced that it would also be working on further expanding its crypto mining business. The dual announcement led to the rally in the Ebang stock.
Biotech, Tech, and Crypto reporter
Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.