Bitcoin’s price surged 6.6% during the stock market’s open this week, continuing its recent rally. However, this increase did not have an equal effect on all crypto-related stocks. Here’s a breakdown of last week’s stock market returns for the top crypto-related stocks.
The winners of the week were the smaller Bitcoin mining firms Bitfarms (up 46.2%) and Core Scientific (up 43.5%), outperforming Bitcoin’s gains. Argo Blockchain and Terawulf also saw gains of 31% and 20% respectively. However, not all smaller miners fared the same, with Cipher Mining and Hut 8 facing losses of 4.3% and 3.9% respectively.
The industry’s leaders also saw varied performances, with Marathon outperforming Bitcoin with gains of 10.1% and Riot underperforming Bitcoin with gains of only 2.5%. J.P. Morgan recently downgraded Riot’s rating from neutral to underweight with a price target of $12.
On the other hand, some large crypto stocks like Coinbase and Microstrategy gained on the week but failed to outperform Bitcoin’s price gains. Coinbase’s stock gained only 1.5% compared to Bitcoin’s 6.6% rise, while Microstrategy gained 5.1% on the week.
Canaan, developers of Bitcoin mining hardware, had a tough week on Wall Street as its stock slid 19%, far underperforming Bitcoin’s gains. Canaan was joined by Galaxy (-1.62%) and Bakkt (-3.80%) as some of the only stocks to lose value this past week.
Looking ahead, next week is seen as a critical week for the stock market, with Tuesday bringing November’s consumer price index data and the Fed’s interest-rate decision on Wednesday.
As of November 2023, Foresight Ventures is a majority investor of The Block, an independent media outlet delivering news, research, and data. Foresight Ventures also invests in other companies in the crypto space. The Block continues to operate independently to provide objective, impactful, and timely information about the crypto industry.© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only and is not intended to be used as legal, tax, investment, financial, or other advice.
