Crypto stocks tend to move with stock market fundamentals and also Bitcoin fluctuations.
While the cryptocurrency industry has been evolving over the years, it has given rise to many companies oriented towards cryptocurrencies and their related blockchain technology. At the same time, their stocks have become equal participants in the stock market, with some doing better than others in 2023.
In fact, four cryptocurrency stocks have stood out for their significantly bullish price movements and related positive developments during the year that is almost over, and their success could even continue in 2024, as long as they maintain the positive trend of 2023.
#1: Digital Marathon (NASDAQ: MARA)
Specifically, crypto mining giant Marathon Digital (NASDAQ: MARA) has risen through the ranks to become the largest Bitcoin (BTC) mining company with a market capitalization of $5.94 billion, according to BusinessMarketCap data as of December 26. and has managed to grow its share price by 685.59% in 2023.
Priced at $26.71, MARA has outperformed 99% of all stocks on the stock market in annual results and is outperforming 98% of the other 281 stocks in the Software industry. Specifically, its price indicates a weekly gain of 46.04%, an advance of 134.09% throughout the month, according to data from December 26.
#2: Riot Platforms (NASDAQ: RIOT)
Eclipsing even top S&P 500 companies like Nvidia (NASDAQ: NVDA) and Meta Platforms (NASDAQ: META) in price gains this year, Riot Platforms (NASDAQ: RIOT) ranks as the second-largest Bitcoin mining platform with a market capitalization of $3.67. billion, and some experts believe its price could soon reach $100.
In fact, witnessing massive returns in 2023 fueled by the resurgence of the broader crypto market, Riot has performed better than 99% of all other stocks this year, outperforming 96% of other stocks in the software industry, and is currently trading at $17.78, an increase of 13.76% from the previous year. the week, 47.92% in the month and 427.6% this year.
#3: Coinbase (NASDAQ: COIN)
Despite a lawsuit filed by the United States Securities and Exchange Commission (SEC), centralized exchange Coinbase (NASDAQ: COIN) has continued to post exceptional results in 2023, having gained 422.26% this year alone and currently trading at the price of $175.48.
In terms of its yearly performance, COIN outperformed 99% of all other stocks, outperforming 99% of the other 207 stocks in the capital markets industry, as well as advancing 18.65% in the last week and increase 51.88% during the year. month, and announcing its global expansion by introducing spot cryptocurrency trading on its international exchange.
#4: MicroStrategy (NASDAQ: MSTR)
MicroStrategy (NASDAQ: MSTR) has seen its stock rise by a whopping 327% in 2023 alone, driven largely by a broader crypto resurgence throughout the year, and it’s also doing better than 99% of everyone else market actions. eclipsing 94% of software industry stocks.
At the current price of $619.24, MSTR has advanced 8.56% in the previous seven days, in addition to gaining 19.03% on its monthly chart, benefiting from the huge Bitcoin bet made by its co-founder and president executive Michael Saylor in 2020.
Final Remarks
Considering the abovementioned, the cryptocurrency stocks mentioned exceeded all expectations in 2023, performing better than most of their peers and other assets in the stock market. That said, future success should not be taken for granted. Therefore, it is essential to conduct some research before making important investment decisions.
By Leonardo Perez
