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Crypto stock recap: Wall Street isn't treating all Bitcoin miners alike

Crypto stock recap: Wall Street isn't treating all Bitcoin miners alike

CointimeCointime2023/12/10 05:03
By:Cointime

QUICK TAKE

1.As Bitcoin’s price continued to rise this week, the continued rally has affected some crypto-related stocks better than others. 

2.Mining companies Bitfarms, Core Scientific, and Argo Blockchain were among the biggest-gaining crypto-related stocks of the past week on Wall Street, though bigger player Riot’s stock underperformed Bitcoin’s price.

Bitcoin 's price rose another 6.6% while the stock market was open this week, but the recent rally in the coin's price hasn't affected all crypto-related stocks equally.

Here's how last week's stock market returns stacked up for the top crypto-related stocks. 

Small miners posted big gains

This week's winners appear to be smaller Bitcoin mining firms Bitfarms (up 46.2%) and Core Scientific (up 43.5%), handily outperforming Bitcoin's gains. Argo Blockchain and Terawulf also posted more modest gains of 31% and 20% on the week, respectively, according to data from TradingView

Not every smaller miner fared the same, though. Cipher Mining faced a loss of 4.3% on the week, while Hut 8's stock fell 3.9%. 

As for the industry's leaders, while Marathon managed to beat out Bitcoin with gains of 10.1%, Riot underperformed Bitcoin with gains of only 2.5%. J.P. Morgan recently  updated Riot's rating  from neutral to underweight with a price target of $12. 

Coinbase and Microstrategy underperformed

Some large crypto stocks gained on the week, but failed to outperform Bitcoin's price gains. In the past week, Coinbase's stock gained only 1.5% when compared to Bitcoin's rise of 6.6%. Microstrategy, led by Michael Saylor, also underperformed compared to Bitcoin, but still managed to gain 5.1% on the week, according to TradingView.

Last week's biggest losers

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. 

Next week is seen as a critical week for the stock market to  set the tone  going into 2024, with Tuesday bringing November's consumer price index data and the Fed's interest-rate deceision on Wednesday. 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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