Crypto stock recap: Wall Street isn't treating all Bitcoin miners alike
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.
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.
You may also like
Web3 ai Could Lead 2025’s Best Cryptos With 1,747% ROI, Outshining Toncoin & Chainlink’s Performance
Toncoin (TON) and Chainlink (LINK) show strong market positions, but Web3 ai’s AI-driven platform and sub-$0.001 price point may offer greater potential for exponential growth.Toncoin (TON): Leveraging Telegram’s Ecosystem for GrowthChainlink (LINK): Technical Indicators Point to Potential BreakoutWeb3 ai: Affordable Entry with AI-Driven Security ToolsClosing Thought

Ethereum Set to Soar Past $4,000 Again
Ethereum eyes a comeback above $4,000 with a projected 55% surge amid rising market optimism.What’s Driving the Ethereum Rally?Could Ethereum Break Past Its All-Time High?

Lark Davis: Best Time to Make Money in Crypto
Crypto analyst Lark Davis says this is the best time to make money in crypto. Here’s why you should pay attention now.Why This Window Matters So MuchHow to Lock In for Maximum Gains

Top Rated Cryptos to Buy in 2025: BlockDAG, Tron, Polygon, and Polkadot Line Up Ahead of Q3 Shift
Explore the top rated cryptos to buy in 2025, featuring BlockDAG’s limited-time 'Double Your BDAG' offer, and why Tron, Polygon, and Polkadot are gaining strong attention this year1. BlockDAG (BDAG)2. Tron (TRX)3. Polygon (MATIC)4. Polkadot (DOT)Closing View on Key 2025 Contenders

Trending news
MoreCrypto prices
More








