What happened

For insiders and those who watch the cryptocurrency sector from afar, Bitcoin (BTC -6.00%) is generally the most-followed asset in this space. Wednesday's impressive surge of more than 4% over the past 24 hours as of 3:30 p.m. ET is notable.

And today's surge in Bitcoin has had an outsize impact on a range of crypto-related stocks. As of 3:30 p.m. ET, Bitcoin miners Riot Platforms (RIOT -3.56%), Marathon Digital (MARA -2.71%), and Hut 8 Mining (HUT) had rocketed 11.4%, 9.3%, and 8.4%, respectively, since yesterday's close.

So what

Much of today's impressive move in Bitcoin has come from increasingly bullish sentiment around banking-related contagion fears abating over the past day or so. With the financial system seeming to remain robust, investors have started to rethink their allocations and positioning.

Thus, it appears many in the market might believe that they've taken too much risk off the table. Accordingly, with Bitcoin and other cryptos remaining further up the risk spectrum, these higher-risk assets appear to be in higher demand today.

For these three Bitcoin miners, higher Bitcoin prices tend to flow through disproportionately into their valuations. That's because as the price of Bitcoin rises (and it's up roughly 70% on a year-to-date basis alone), these companies' profit margins expand alongside surging revenue.

And with most of these companies holding debt denominated in dollars, their debt essentially is reduced as a proportion of their Bitcoin holdings (which can be substantial). 

Now what

Given the leveraged upside these three crypto miners provide relative to Bitcoin, investors looking to play upside or downside momentum in the crypto space may want to think about these three stocks as ways to play this otherwise volatile space.

Since these companies are publicly traded, many investors will be able to much more easily trade these equities in a more liquid fashion than many cryptocurrencies. And buying and selling publicly traded Bitcoin miners can allow investors to avoid meddling with crypto exchanges, which have been prone to problems, at least over the past year.

Today, it appears Riot, Marathon, and Hut are each showing investors why they are worth considering during times of volatility. Those who think Bitcoin has further to run might want to take a look at these higher-beta assets right now.