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Equities and bonds rallied strongly in January due to a spike in inflation, consumer confidence and jobs, and hopes for lower interest rates. But the cryptocurrency spot exchange market absolutely surged on a Bitcoin price rally at the same time.
The BTC price has recovered so dramatically since the start of the year that Bloomberg Intelligence announced BTC is already one of the best-performing assets of 2023.
Consequently, the following crypto actions, among others, saw enormous gains in the first half of the month.
These Five Popular Crypto Stocks Skyrocketed As Bitcoin’s Price Soared
Coinbase (NASDAQ:COIN) – 63%
Coinbase stock started off in 2023 trading on NASDAQ at just a little over $33. In the last rally, it peaked at $54 on January 17, up 63 per cent since the beginning of the year. Since then, it has come down to approximately $49.40 at the time of writing this article.
Investors could also consider cost-cutting measures for the corporation. Coinbase laid off nearly 1,000 more employees this month – the crypto exchange’s second round of layoffs in less than a year.
MicroStrategy (NASDAQ: MSTR) – 67%
Business intelligence and cloud company MicroStrategy’s CEO, Michael Saylor, believes Bitcoin will be a global store of value by the year 2031.
Part of the company's macroeconomic strategy has been to build up and maintain massive quantities of BTC. This crypto stock gives owners exposure to Bitcoin and executive leadership who thinks how cryptocurrency lovers do it.
The mstr stock began the year at $141, but jumped to $236 on January 17, an increase of 67%. The company will announce its Q4 financial results on February 2nd. The current trade price is approximately $221.
Block, Inc. (NYSE: SQ) 19%
Zacks Equity Research reported heavy search interest in Block stock on Zacks.com Thursday morning.
It is hardly surprising why. This stock of hot crypto in the company which has cashapp jumped from $63 to start the year at $75 on January 17. CashApp added Lightning Network integrations last fall. It currently trades at around $70.
Nvidia (NASDAQ: NVDA) 21%+
Nvidia is one of the world’s leading manufacturers of graphics cards. His gpus may do more, though, than the power of amazing visual displays. Nvidia GPUs are popularly used to mine cryptocurrencies.
This crypto action provides its shareholders with a blockchain exposure while remaining diversified in semiconductors and gaming. Nvda increased from $146 to start the year at $177 at its peak when crypto prices last rose. Currently it is trading in the $167 range.
Advanced Micro Devices (NASDAQ: AMD) 10.7%+
Advanced Micro Devices is another company with crypto exposure because it manufactures semiconductors used in crypto mining. The stock price increased from $65 at the beginning of the year to $72 at the height of the recovery. As of writing these lines, he's changing hands for about $68.
These Five Crypto Mining Shares Blew Up
Marathon Digital (NASDAQ: MARA) 145%+
The crypto stock for shares in this Las Vegas Bitcoin mining company grew from $3.42 on New Year’s to $8.37 at the peak of the rally. The 145% made it Marathon Digital Holding’s best month in a year. It currently trades at $7.34
Hut 8 (TSE: HUT) 116%+
Shares of Hut 8 rocketed from CAD1.16 in early 2023 at 2.51 on 16 January. This was a profit of 116% for crypto mines. Here’s Hut 8’s most recent earnings call transcript. At the time of this writing, it trades at around CAD2.22.
Bitfarms (NASDAQ: BITF) 150%+
Bitfarms was the biggest gainer among crypto stocks during this rally. Shares of the Canadian mining company Bitcoin skyrocketed from a whopping 150% to $0.44 per share at $1.10.
Riot Blockchain (NASDAQ: RIOT) 89%+
Riot Blockchain ramped up its Bitcoin production through the crypto winter last year. This year, bulls took crypto stock from $3.39 to $6.41 over the course of the new rally year. Currently, the trade price is $5.78.
Hive Blockchain (NASDAQ: HIVE)
This Canadian Bitcoin miner’s stock 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 Bitcoin.
