Despite the 6.6% increase in Bitcoin’s price during the last week, not all stocks associated with cryptocurrencies experienced a similar boost. A closer examination reveals a disparity in the Bitcoin miners performance across the stock market.
Smaller Mining Firms Outshine the Rest
Interestingly, smaller Bitcoin mining companies like Bitfarms and Core Scientific emerged as the victors of the week, with stock market returns soaring by 46.2% and 43.5% respectively. These figures significantly outpaced Bitcoin’s own gains. Other smaller miners such as Argo Blockchain and Terawulf also saw respectable increases of 31% and 20% respectively, as per data from TradingView.
However, not all smaller miners enjoyed the same success. Cipher Mining and Hut 8 experienced a decrease in their stock value by 4.3% and 3.9% respectively.
Performance of Industry Leaders
Looking at the industry’s frontrunners, Marathon managed to outdo Bitcoin with a 10.1% increase, while Riot’s gains were a mere 2.5%, underperforming in comparison to Bitcoin. Notably, J.P. Morgan recently downgraded Riot’s rating from neutral to underweight, setting a price target of $12.
Large Crypto Stocks Lag Behind
Some of the larger crypto stocks, such as Coinbase and Microstrategy, failed to match Bitcoin’s price gains. Coinbase’s stock saw a modest increase of just 1.5% compared to Bitcoin’s 6.6% rise. Microstrategy, under the leadership of Michael Saylor, also fell short of Bitcoin’s performance, but managed a 5.1% gain during the week, according to TradingView.
Canaan, a Bitcoin mining hardware developer, had a particularly challenging week, with its stock plummeting by 19%, significantly underperforming compared to Bitcoin. Galaxy and Bakkt also joined the list of stocks that lost value this past week, with decreases of 1.62% and 3.80% respectively.
As we look towards the future, next week is perceived as crucial for setting the tone of the stock market heading into 2024. Key events include the release of November’s consumer price index data and the Federal Reserve’s decision on interest rates.
For those interested in staying updated on the performance of Bitcoin miners and other crypto-related stocks, the cryptoview.io application offers real-time data and insights. This tool can be instrumental in making informed decisions in the ever-evolving world of cryptocurrencies.
