Canaan Inc. (NASDAQ: CAN), a leading provider of Bitcoin mining machines and AI chips, saw its stock soar 5.30% in 24-hour trading on Monday. This significant uptick comes as part of a broader surge in crypto-related shares, fueled by Bitcoin's recent breakthrough to a new all-time high.

The rally in Canaan's stock price reflects the current positive sentiment surrounding the cryptocurrency market. Bitcoin broke through its previous all-time high of $124,533, setting a new record at $125,750. This breakout has lifted mining-related stocks, with Canaan being a major beneficiary as one of the largest providers of ASIC chips used in Bitcoin mining rigs.

Canaan's recent business developments have also contributed to investor optimism. The company recently secured its largest purchase order in three years, with a U.S.-based bitcoin miner set to acquire over 50,000 Avalon A15 Pro units. This agreement highlights growing demand for advanced mining technology and validates Canaan's strategic moves in the industry.

As the cryptocurrency market continues to show strength, companies like Canaan are well-positioned to benefit from increased demand for mining hardware. Investors will be closely watching to see if this momentum continues, potentially driving further gains in Canaan's stock price.