The share price of cryptocurrency exchange Coinbase is up 69% since its all-time low, and other cryptocurrency-related stocks, including business intelligence firm MicroStrategy, have posted similar jumps — green candles have been everywhere since the start of 2023.
Coinbase’s stock price fell to $31.95 on Jan. 6, before rising to $54.14 at the close of trading on Jan. 17.
Coinbase stock price for the past month. Source: Yahoo Finance
The stock price rally is likely accompanied by a huge sigh of relief for Coinbase executives after a challenging 2022 saw it cut 20% of its workforce and halt its Japanese operations. Despite the increase, COIN is still more than 84% below its all-time high.
Other crypto-related stocks such as MicroStrategy and digital payments company Block Inc. Strong gains in the new year.
MicroStrategy’s share price rose to nearly $236 from a low of just over $135 on December 29 – an increase of over 74% – while Jack Dorsey’s Block saw its share price increase by a muted but still respectable 27%. , after recovering from less than $59 on December 28 to more than $75.
The recovery was even more dramatic for cryptocurrency mining stocks. Bitfarms and Marathon Digital Holdings posted significant gains of 140% and 120% respectively during the first two weeks of the year.
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Crypto exchange-traded funds (ETFs) have also rebounded to a lesser extent, with the Valkyrie Bitcoin Miners ETF (WGMI) more than doubling its price from a low of just over $4 on Dec. 28 to over $8.
ProShares Bitcoin Strategy ETF (BITO) jumped from over $10 on Dec. 28 to the current price of around $13 — an increase of just under a third.
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Even the Grayscale Bitcoin Trust managed to recover some of its losses in 2022, after it rose from $7.76 on December 28 to the current price of $11.72, up 51%.
While the trust is designed to reflect the price of bitcoin
BTC
cursors down
$21,226
, often trading at a discount or premium to the value of its underlying holdings. It now sits at a discount of just over 36%, after trading at a discount of more than 45% on Dec. 28.
Some pundits believe that Bitcoin in particular has rallied significantly on the back of positive inflation numbers from the US released on January 12 – with BTC’s price up more than 17% since then – but it is interesting to note that December 28 seemed to represent the bottom of the market across the board. Many cryptocurrencies and stocks.
While the recent rally in cryptocurrency-related stocks is bound to come as a huge relief to those who have invested in them, it is worth noting that many of these companies have a long way to go back to their all-time highs, as seen on Jan. 10. ) Tweet from financial advisor Genevieve Roche-Decter.
