Surging Coinbase Stock: A Glimmer of Hope
The cryptocurrency exchange Coinbase has sparked buzz with a stunning rebound, soaring 69% from its all-time low reached earlier this year. To add some perspective, the share price, which dipped to $31.95 on January 6, made a remarkable jump to $54.14 by January 17. That’s like saying your favorite pizza joint is suddenly offering free toppings for life after a year of charging you extra for every pepperoni!
The Ripple Effect: MicroStrategy and Block Inc. Join the Party
Coinbase isn’t flying solo in this bullish journey; its companions in the crypto space are also experiencing significant gains. MicroStrategy, a business intelligence titan, watched its stock price leap from just over $135 to almost $236—a hefty 74% increase. Meanwhile, Block Inc., the digital payments powerhouse, rode the wave of enthusiasm with a more modest but respectable 27% gain. Clearly, 2023 is looking brighter than last year’s dismal winter.
Mining Mayhem: Bitfarms and Marathon Shine Bright
Let’s not forget our friends in the crypto mining sector. Bitfarms and Marathon Digital Holdings have recorded astonishing increases of 140% and 120%, respectively. When was the last time your gym membership paid dividends like that?
ETFs and Trusts: Uniting Under the Crypto Banner
Crypto exchange-traded funds (ETFs) have also found a way to share the spotlight. The Valkyrie Bitcoin Miners ETF (WGMI) has more than doubled from just over $4 to beyond $8. Who knew investing could feel like hitting the gym and instantly getting six-pack abs?
Is the Bull Back, or Is It Just a Bull Trap?
Some experts speculate that Bitcoin’s astonishing rise—up more than 17% since January 12—has been influenced by positive inflation data released in the U.S. Nevertheless, despite the recent surge in prices, many crypto stocks still lag significantly below their all-time highs. The ghost of 2022 continues to haunt them, and watching stocks play a game of catch-up might just be the new spectator sport.
“A reminder of how deep we dipped:
Crypto stocks over the last year:
Voyager -99.7%
Silvergate -90.8%
Marathon Digital -83.1%
Coinbase -82.3%
HIVE Blockchain -81.3%
MicroStrategy -63.9%”
– Genevieve Roch-Decter
