Canaan Inc. (CAN), a leading provider of supercomputing solutions, saw its stock soar 12.61% in Sunday's trading session, outperforming the broader crypto stock rally. The significant uptick comes as Bitcoin, the world's largest cryptocurrency, reached a new high of $106,600, while Ethereum jumped to $3,645.

The surge in Canaan's stock price reflects the overall positive sentiment in the crypto market. Other crypto-related stocks also experienced substantial gains in overnight trading, with GAME rising 14%, BMNR up 10%, and BTBT matching Canaan's 9% increase. This widespread rally underscores the strong correlation between cryptocurrency prices and the performance of companies operating in the blockchain and mining sectors.

Investors appear to be betting on increased demand for Canaan's mining equipment as Bitcoin's price surge may incentivize more mining activities. As a major manufacturer of high-performance computing chips and equipment for cryptocurrency mining, Canaan stands to benefit from the renewed interest in the crypto space. However, potential investors should remain cautious, as the cryptocurrency market is known for its volatility, and such rapid price movements can be followed by corrections.