Crypto stocks rally as Bitcoin stalls Crypto stocks rally as Bitcoin stalls
Even as Bitcoin's value remains subdued, publicly traded crypto companies enjoyed a strong opening to the week.
1 min read
Updated: Dec. 18, 2023 at 7:26 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The shares of major crypto-focused companies begin the week better than Bitcoin’s tepid price performance during Asian trading hours.
Coinbase, the largest US-based exchange, COIN stock rose by a meager 0.43% at the beginning of the market to $153, representing a reversal of its 1.61% pre-market decline.
COIN is one of the best-performing crypto stocks this year, with a year-to-date (YTD) gain that has eclipsed 300%.
Similarly, shares of publicly traded Bitcoin mining companies like Marathon Digital, Riot Platforms, Hive Digital, Canaan, and Hut 8 increased during their stocks’ early trading hours. Canaan and Hut 8 recorded increases of around 14% and 17%, respectively.
Like Coinbase, most miners have had a robust year, witnessing triple-digit percentage growth during the past year.
Meanwhile, MicroStrategy, a significant Bitcoin advocate that holds nearly 175,000 units of the top cryptocurrency, observed an increase of just under 1% on the day. Its year-to-date increase of 302% highlights the gains it has made from Bitcoin’s upward trend this year.
BTC’s lull
The stock prices among these companies contrast sharply with the slight decline observed in Bitcoin’s value today. Data from CryptoSlate shows that while the flagship digital asset continues to trade above $41,000, its value has fallen by around 2% during the last 24 hours and 1.05% during the past week.
Despite the lull, market observers remain largely bullish as they anticipate an imminent approval of a spot BTC exchange-traded fund (ETF) in the U.S.
Jan van Eck, the CEO of VanEck, an asset management firm and one of the applicants for the ETF, predicted that the flagship asset will reach a new all-time high within the next 12 months while also touting BTC’s strength as a leading store of value.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Marathon Digital
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
MicroStrategy
MicroStrategy (Nasdaq: MSTR) is a worldwide leader in enterprise analytics and mobility software.
Hut 8
Hut 8 is a digital asset miner with two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, Canada.
Canaan
Canaan Creative, known simply as Canaan, is a China-based computer hardware manufacturer.
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.
Bitfarms
Bitfarms (NASDAQ/TSX: BITF) is a Canadian Bitcoin mining company that was founded in 2017.
