Crypto stocks are an area that shouldn’t be overlooked when studying the state of the cryptocurrency market. Shares of companies like Coinbase, Riot Platforms, and Marathon Digital offer a wealth of insights to uncover market opportunities. Let’s take a look at the 6 crypto stocks that have performed over the long term.
Crypto stocks take center stage
Currently, the cryptocurrency market is marked by the gloom of altcoins. Outside of the top 10 most capitalized cryptos, a large number of them have a price that is close to the bottom of this cycle. However, Crypto stocks stand out.
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Crypto stocks, which represent major publicly traded Web3 companies, have been outperforming the market for the past year and a half. In a long-term upward trend, they remain very strongly correlated to the price of Bitcoin (BTC).
The most obvious example is Coinbase (COIN) stock. Since its revenue depends on the number of people using its cryptocurrency exchange platform, its action follows the evolution of positive or negative investor sentiment.
COIN stock price since May 2021
The COIN stock price has risen from $33 to $220 since January 2023. A growth that not only outperforms the crypto market, but also BTC. With €1,000 invested, an investor would hold the equivalent of €6,670 in COIN shares.
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Other stocks are showing similar performance, such as MicroStrategy, the company that owns more than 1% of the world's bitcoins. With over $14 billion in BTC in its treasury, its stock price (MSTR) is extremely correlated to Bitcoin movements.
Over the last 18 months, its action has been multiplied by a factor of 8with a progression from $160 to $1,280. After surpassing its previous ATH at $1,034 and the moving averages multiplying the support zones, its next objective is to try again the $2,000 zone, its current record.
MSTR Stock Price Since May 2023
Let's Invest: All the Essential Resources for the Informed Investor
As for companies operating in the mining sector, their shares have been in various situations since the Bitcoin halving.
Indeed, with mining rewards having been halved, investors are expecting weak results. However, one company seems to stand out from the crowd and records phenomenal performances : it is… [65 % de l’article restant]
