The past week was mainly dominated by the nice increase that bitcoin (BTC) and the entire crypto market has experienced. Last week, the bitcoin price was trading around $17,500, but at the time of writing that is $21,237.
Measured from the low which BTC had dropped from $15,476 on Binance on November 21, 2022, the total increase to the current price is a whopping 37%. However, it is not only cryptocurrencies that are in the green: the shares of crypto-related companies have also rocketed in recent weeks.
Coinbase and Microstrategy share from deep trough
Earlier you could read in the crypto news that the share of crypto exchange Coinbase (COIN) had fallen to a mere $35, a new low. Compared to the day of the IPO, which is also the all time high is, a decrease of almost 92%. However, on January 6, COIN had fallen even further, to a price of $31.95.
After that, however, it has moved in the same direction as bitcoin and the entire crypto market, as it closed the day on January 17 at a price of $54.14. This is a total increase of no less than 69%.
In fact, Microstrategy (MSTR) is up 74% from its low of just over $135 on December 29. It has risen to just under $236.
However, the bigger picture is still bleak, as financial advisor Geneviewe Roch-Decter’s tweet illustrates. Nevertheless, it remains a good feeling to see these nice increases in your portfolio.
Crypto stocks over the last year:
Marathon Digital -83.1%
HIVE Blockchain -81.3%
— Genevieve Roch-Decter, CFA (@GRDecter) January 10, 2023
Bitcoin mining shares
The shares of bitcoin mining companies have already shot up considerably. Bitfarms and Marathon Digital Holdings are up 140% and 120% respectively in the first two weeks of this year. Valkyrie Bitcoin Miners ETF (WGMI), as measured from its December 28 low, has doubled to a current price of over $8.