Canaan Inc. (NASDAQ: CAN), a leading provider of supercomputing solutions for bitcoin mining, saw its stock soar 10.00% in pre-market trading on Monday. This significant uptick comes as the cryptocurrency market experiences a broad rally, with Bitcoin and Ethereum reaching new heights.

The surge in Canaan's stock price aligns with a general uptrend observed across crypto-related stocks in overnight trading. According to market reports, several companies in the sector posted notable gains, with Bitfarms rising 12% and Canaan itself initially up 8%. Other crypto mining and blockchain-related companies such as Bit Digital, Hut 8, and Marathon Digital Holdings also saw increases ranging from 2% to 4%.

The bullish sentiment in the crypto stock market appears to be fueled by the strong performance of major cryptocurrencies. Bitcoin, the world's largest cryptocurrency by market capitalization, climbed above $110,000, marking a nearly 3% gain over the past 24 hours. Similarly, Ethereum surged past the $4,000 mark, rising more than 3% in the same period. As a manufacturer of high-performance computing chips and equipment for cryptocurrency mining, Canaan Inc. stands to benefit from this positive momentum in the crypto market, which likely contributed to investor enthusiasm and the pre-market stock surge.