As a crypto investor with some experience in the market, I’m excited about the strong start of the year for crypto stocks, especially in Q1 2024. The bullish sentiment in the digital asset market has led to impressive gains for most crypto stocks, including Bitcoin (BTC) and altcoins.
In the opening quarter of 2024, crypto stocks experienced robust growth, with January’s positive momentum carrying over into a notable surge in the following two months. The digital asset market’s buoyant condition, marked by significant gains across various coins, fueled this upward trend.
As a researcher studying the cryptocurrency market, I’ve discovered that the prices of crypto stocks are significantly impacted by various factors such as the price movements of Bitcoin (BTC) and altcoins, as well as advancements in blockchain technology. Recently, the surge in institutional investment into spot Bitcoin Exchange-Traded Funds (ETFs), which led to a new all-time high for Bitcoin above $73,000, created a positive sentiment throughout the crypto market. Consequently, this optimistic atmosphere resulted in a noticeable uptick in the value of various crypto stocks listed on exchanges, software companies, and Bitcoin mining firms. However, it’s important to note that not all crypto stocks have experienced growth during this period. Here are three stocks that have witnessed a downward trend amidst the prevailing market sentiment.
MicroStrategy (MSTR)
MicroStrategy’s stock price currently stands at $1,285, representing a 2.66% decrease today. Over the past week, its value has declined by more than 13%, with comparable losses observed between this quarter and the last one. In the last month, there have been over 20% withdrawals from MicroStrategy investments. However, long-term performance remains positive.
A firm famous for its significant Bitcoin investments experienced robust growth in Q1 due to Bitcoin’s rising price, resulting in a stronger financial position. Despite subpar trading performance in this period, Microstrategy (MSTR) has achieved an impressive 87% year-to-date expansion, with optimism for a favorable trend moving forward.
Coinbase (COIN)
Coinbase, a well-known crypto company, started trading on Nasdaq in 2021 and has followed the broader market trend since then. Currently, COIN is priced at $223, representing a 1.73% decrease over the past day. The stock has displayed a weekly growth of around 2%, but it falls short of its impressive Q1 performance. The previous month’s data shows a downturn in numbers due to recent market volatility.
In the first quarter of 2024, Coinbase reported impressive earnings, surpassing expectations due to heightened crypto market activity leading to larger trading volumes.
Bitcoin Mining Stocks
The number of BTC mining companies operating in the wide range has decreased noticeably since the beginning of the first quarter in 2024. Among these, Marathon Digital has dropped by 5% and is currently priced at $20.84. Likewise, Hut 8, Riot Platforms, and CleanSpark have also experienced a decrease compared to the influx during the first three months.
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2024-07-03 19:47