Crypto Stock Performance in 2024

As 2024 draws to a close, financial markets are closed for the holidays. At the same time, the community is starting to review the performance of coins in the market, as well as compare it with the growth rates of technology and crypto stocks.

Crypto Stock Performance in 2024

Here is a comparison of the correlation between stocks of crypto-related companies over the past year, compiled by The Block from Yahoo Finance data.

Over the past year, the S&P 500 index has increased by 25%, but the price of Bitcoin has increased by nearly 120%. Moreover, crypto-related stocks such as Robinhood (HOOD) increased by 203% and Block (formerly Square) with the ticker SQ also increased by 24%.

It has been a winning year for Bitcoin. The SEC's approval of the Bitcoin spot ETF has "opened the valve" for cash flow from the traditional market to crypto, bringing new capital to promote strong growth.

By mid-year, when the race to the White House gradually heated up, crypto also became a trick for politicians to attract voters and sponsors.

The peak was when Donald Trump was elected and fulfilled his previous promises such as recognizing the importance of crypto or committing to establish a strategic Bitcoin reserve fund, all of which pushed the price to ATH at over $100,000.

So it is not an exaggeration to say that BTC has "outperformed" most stock codes in the past year.

Benefiting from the big brother, public companies that are more or less related to crypto have received certain attention. Companies that choose to invest in Bitcoin are even more deservingly rewarded.

For example, Metaplanet, a "ghost company" with nothing remarkable on the Japanese stock exchange, has transformed itself into one of the best-performing stocks of the past year.

And here are the top performing stocks of 2024.

Biggest gainers

MicroStrategy (MSTR) +402%, market cap $83 billion

Since 2020, under the leadership of Michael Saylor, MicroStrategy has identified Bitcoin as a key target in its financial strategy. Currently, the company holds 444,262 BTC with an average DCA price of $62,200.

Thus, the company is making a profit of nearly 58% when BTC is trading around $98,000.

Not only is MicroStrategy sticking to its DCA strategy, it also plans a "21/21" plan to raise an additional $42 billion in capital over the next three years to buy more BTC.

MSTR shares were included in the Nasdaq 100 index for the first time, continuing to benefit from ETFs derived from this index.

MicroStrategy's success with Bitcoin has become an example for many other companies to learn from. Most recently, billionaire Michael Saylor was invited to share his BTC investment strategy with Microsoft's senior leaders.

Core Scientific (CORZ) +307%, capitalization $3.9 billion

At its peak, when the crypto market peaked in late 2021, Core Scientific was the world's largest publicly traded Bitcoin mining company, operating 143,000 mining rigs. However, by June 2022, the market was heavily impacted by the LUNA/UST crash, followed by the Celsius-3AC crisis and the failure of FTX that broke out until the end of the year, forcing miners to "dump" Bitcoin at low prices to overcome adversity.

Core Scientific also fell into crisis, continuously selling Bitcoin to support its business operations. Despite issuing shares to raise more capital, the giant in the coin mining industry still could not survive, having to file for bankruptcy at the end of December 2022, right when BTC fell to $16,000.

However, the situation reversed in early 2024, Core Scientific escaped bankruptcy and relisted its shares. By the end of the year, the price of CORZ had increased by more than 300%.

Bitdeer Technologies (BTDR) +122%, $2.75 billion market cap

Bitdeer is a mining company run by Jihan Wu, who was the co-founder, chairman and CEO of mining giant BitMain, but stepped down in 2021 due to internal "royalty wars".

In May this year, Tether invested $150 million in Bitdeer with the ambition of making the company one of the largest mining companies in the world.

Hut 8 (HUT) +75%, $2.06 billion market cap

This mining company just bought another $100 million in Bitcoin, currently holding 10,096 BTC.

Coinbase (COIN) +69%, $66.5 billion market cap

Coinbase is also one of the most notable names of the past year. As the leading cryptocurrency exchange in the US, Coinbase, despite its many controversies, has been tirelessly fighting with regulators to help create a more friendly regulatory environment. It is also the custodian of most crypto ETFs and many other major organizations, including the US Marshals Service.

Biggest Loser

MARA Holdings (MARA) -16%, $6.5 billion market cap

MARA Holdings (formerly Marathon Digital Holdings) currently holds 44,394 BTC, second only to MicroStrategy.

Riot Platforms (RIOT) -27%, $3.7 billion market cap

Riot Platform (formerly Riot Blockchain) currently holds 16,728 BTC, worth $1.68 billion, making it the third-largest publicly traded company in the world.

Hive Digital (HIVE) -32%, $522 million market cap

Hive Digital reported $22.6 million in revenue in the most recent quarter, according to The Block. Its pre-tax net loss was $7.3 million, but that was an improvement from a $22.9 million loss in the same period last year. HIVE mined 340 BTC in Q3 and holds 2,604 BTC.

Argo Blockchain (ARBK) -80%, $44M market cap

Argo is based in London and operates in the US and Canada. It recently raised £4.2 million through a new share subscription, which it used to convert its mining rigs to high-performance computing.

Gryphon Digital Mining (GRYP) -92%, $23M market cap

In its most recent quarter, the company reported revenue of $3.69 million, down 33% year-over-year, with a net loss of $5.95 million.