Stocks and bonds rallied nicely in January on the back of soaring inflation, strong consumer and job confidence and hopes of lower interest rates. But the cryptocurrency spot exchange market absolutely surged during a surge in Bitcoin prices at the same time.
The price of BTC has rallied so much since the start of the year that Bloomberg Intelligence reported that BTC was already one of the best performing assets of 2023.
As a result, the following crypto stocks, among others, posted huge gains in the first half of the month.
These Five Popular Crypto Stocks Soared As Bitcoin’s Price Soared
Coinbase (NASDAQ: COIN) – 63%
Coinbase stock began trading on NASDAQ in 2023 at just over $33. In the latest rally, it took off to hit a high of $54 on Jan. 17 for a 63% year-to-date gain. It has since returned to around $49.40 at the time of this writing.
Investors could also look into the company’s cost-cutting measures. Coinbase laid off nearly 1,000 additional employees this month — the crypto exchange’s second round of layoffs in less than a year.
MicroStrategy (NASDAQ: MSTR) – 67%
Michael Saylor, CEO of business intelligence and cloud computing company MicroStrategy, believes Bitcoin will be a global store of value by 2031.
Part of the company’s macro strategy has been to accumulate and hold massive amounts of BTC. This crypto stock gives owners exposure to Bitcoin and executive leadership that thinks like cryptocurrency enthusiasts do.
MSTR stock started the year at $141, but jumped to $236 on January 17, a 67% gain. The company will announce its fourth quarter financial results on February 2. It is currently trading at around $221.
Block, Inc. (NYSE: SQ) 19%
Zacks Stock Research reported strong research interest in block stock at Zacks.com Thursday morning.
No wonder why. This hot crypto stock in the CashApp-owning company fell from $63 to start the year to $75 on January 17. CashApp added Lightning Network integrations last fall. It is currently trading at around $70.
Nvidia (NASDAQ: NVDA) 21%+
Nvidia is one of the world’s leading graphics card manufacturers. Its GPUs can do more, however, than stunning visual displays. Nvidia GPUs are commonly used to mine cryptocurrencies.
This crypto stock gives its shareholders exposure to blockchain while remaining diversified in semiconductors and gaming. NVDA fell from $146 to start the year to $177 at its peak during the latest crypto price rally. Right now, it is trading at around $167.
Advanced Micro Devices (NASDAQ: AMD) 10.7%+
Advanced Micro Devices is another company exposed to crypto because it manufactures semiconductors used in cryptocurrency mining. The stock price fell from $65 at the start of the year to $72 at the height of the rally. As of this writing, it is changing hands at around $68.
These Five Crypto Mining Stocks Exploded
Digital Marathon (NASDAQ: MARA) 145%+
The crypto stock for shares of this Las Vegas bitcoin mining company rose from $3.42 on New Years to $8.37 at the height of the rally. The 145% made it Marathon Digital Holding’s best month in a year. It is currently trading at $7.34
Hut 8 (TSE: HUT) 116%+
Shares of Hut 8 fell from CAD 1.16 at the start of 2023 to CAD 2.51 on January 16. It was a 116% gain for the crypto mining stock. This is Hut 8 most recent earnings call transcription. As of this writing, it is trading at around CAD 2.22.
Bitfarms (NASDAQ:BITF) 150%+
Bitfarms was the biggest gainer among crypto stocks during this rally. Shares of Canadian mining company Bitcoin jumped 150% from $0.44 per share to $1.10.
Riot Blockchain (NASDAQ: RIOT) 89%+
Riot Blockchain ramped up its bitcoin production during the crypto winter last year. This year, the bulls took the crypto stock from $3.39 to $6.41 during the New Year’s rally. Right now, it is trading at $5.78.
Hive Blockchain (NASDAQ: HIVE)
Shares of this Canadian Bitcoin miner rose from $1.44 to $1.88 on the NASDAQ during the crypto bull run. Last quarter, Hive Blockchain revealed a strong balance sheet with no debt and 3,311 Bitcoins.
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