With Bitcoin Bounce Back, Crypto Mining Stocks Surge to Yearly Highs

2023-1-17 14:37

Coinspeaker
With Bitcoin Bounce Back, Crypto Mining Stocks Surge to Yearly Highs

The strong rebound in the Bitcoin (BTC) price earlier this week has had a very positive impact on the crypto mining stocks. Stocks of the crypto mining firms have recorded their best monthly performance in over a year.

This has relieved the troubled miners a bit who had to sell a significant portion of their mined Bitcoins to boost liquidity last year in 2022. Just within the first two weeks of 2023, the top BTC mining firm Bitfarms saw a 140% surge in its stock price. Similarly, the stock of Marathon Digital Holdings clocked a 120% surge. During the same period, Hive Blockchain Technologies saw its stock value jump by 100%.

With the Bitcoin price advancing by more than 28% since the beginning of 2023, the 20-member MVIS Global Digital Assets Mining Index has gained more than 64% so far. This has been the best month for the index since its inception at the end of 2021.

At the same time, the Luxor Hashprice Index which measures how much a miner can expect to earn from the computing power dedicated to the Bitcoin network is up by 21% this year. It shows that a higher Bitcoin price leads to bigger rewards.

Will Crypto Mining Stocks Continue to Surge Further if Bitcoin Price Grows?

Despite the recent pump in the BTC price, it is still trading at a 70% discount from its all-time high of $69,000. After last year’s digital asset rout, cash-strapped miners have been reducing loans after facing acute financial stress.

Just last month in December, Core Scientific, the largest Bitcoin miner by computing power declared bankruptcy. Matthew Sigel, head of digital-asset research at fund manager VanEck warned about the substantial debt levels of many crypto miner, along with the sharp slide in the price of Bitcoin mining rigs. Sigel added:

“It appears more attractive to start a new Bitcoin mining venture than to try to pick the bottom in many of these listed stocks right now”.

As inflation cools, the broader markets have turned optimistic that further interest rate hikes won’t be aggressive. As a result, riskier investments like crypto have rallied since the beginning of 2023. But if this market narrative shifts, the quick gains in crypto could reverse very fast.

next

With Bitcoin Bounce Back, Crypto Mining Stocks Surge to Yearly Highs

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0.0095806 (+7.58%)
Объем 24H $0
Изменеия 24h: 2.35 %, 7d: -7.78 %
Cегодня L: $0.0086651 - H: $0.0095806
Капитализация $183.154k Rank 1690
Доступно / Всего 19.117m EMD / 32m EMD

crypto yearly highs surge stocks bounce back

crypto yearly → Результатов: 126


Why Crypto Is “Likely To Dump” As It Lags The S&P 500, Expert Says

Bitcoin remains stuck at its current levels. The number one cryptocurrency has been unable to push upwards and could be in danger of revisiting its yearly lows. Related Reading | Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming?  At the time of writing, Bitcoin trades at $20,700 with sideways movement in the last 24 hours and the past week.

2022-6-29 20:20


Coingecko Crypto Market Report Highlights Bitcoin’s Reign In November; DEX Use Dropped 15%

The month of November was a successful one for cryptocurrency bulls as the price of Bitcoin (BTC) set an all-time high, pushing up the altcoin market along with it. In its monthly report, Coingecko, a crypto data analysis firm, states that the overall crypto market capitalization hit a yearly high of $554 billion in November […] The post Coingecko Crypto Market Report Highlights Bitcoin’s Reign In November; DEX Use Dropped 15% first appeared on BitcoinExchangeGuide.

2020-12-10 23:40


Фото:

Bitcoin Holds Above Critical Support Level as Bulls Target $14,000

Bitcoin has seen some further upside today despite the intense selloff seen in the stock market This confirms the narrative regarding it now being fully decoupled from traditional assets It has also been able to set new yearly highs this morning when it rallied towards $13,500 If it continues holding above its near-term resistance-turned-support at $13,200, the crypto could soon gain further momentum that leads it up towards $14,000 This is an intense resistance level […]

2020-10-27 21:00


Фото:

Bullish for ETH: Miners Aren’t Selling Ethereum Despite Its Sizable Rally

Ethereum’s price has rocketed over the past few days alongside Bitcoin, but it has been underperforming the benchmark crypto While Bitcoin is currently on the brink of setting fresh yearly highs, ETH is trading down significantly from its $490 highs that were set a couple of months ago For ETH to outperform BTC, there will likely have to be a resurgence in the DeFi space This will drive transactional volume and buy-side pressure for ETH […]

2020-10-25 22:00


Фото:

Analysts Expect Ethereum to Hit $500 Despite Tapping Massive Resistance

Ethereum has been flashing signs of immense strength throughout the past few days The cryptocurrency is now pushing towards its yearly highs as its bulls come out in full force This has allowed ETH to rally up to $437, with buyers now aiming at it setting fresh highs of over $440 in the near-term That being said, this level may act as strong resistance for the crypto in the near-term, potentially slowing its ascent Analysts […]

2020-9-1 23:00


Bitcoin Transaction Fees Surge as Demand for the Network Rockets Higher

Demand for the Bitcoin network is beginning to take off, with the crypto’s ongoing price rise being the likely suspect behind this sudden uptick. This has resulted in the cryptocurrency seeing a massive spike in its transaction fees, which have nearly reached the yearly highs that were set just after the mining rewards halving event […]

2020-7-30 05:00


Фото:

Here’s Why One Analyst Thinks Cardano (ADA) Could Soon “Nuke” Lower

Cardano saw a massive upswing yesterday that allowed it to erase virtually all of its recent losses For a brief period, the crypto even tapped its previously established yearly highs, although the selling pressure here proved to be quite significant As for where the cryptocurrency could trend next, analysts are growing increasingly cautious about its outlook Despite there being a few technical signs that suggest it may continue pushing higher, one trader is noting that […]

2020-7-16 23:00