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Here's Why Canaan Stock Skyrocketed 40.3% Last Month

·2-min read
Here's Why Canaan Stock Skyrocketed 40.3% Last Month

Shares of Canaan (NASDAQ: CAN) gained 40.3% in October, according to data from S&P Global Market Intelligence. Canaan provides specialized hardware for the mining of cryptocurrencies, and bullish momentum in the crypto space typically helps push the stock higher. The price per Bitcoin token surged roughly 48.7% last month, helping the cryptocurrency mining specialist's share price post big gains over the stretch.

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