Crypto stock recap: Wall Street isn’t treating all Bitcoin miners alike
Bitcoin BTC -1.39% ‘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.