Coinbase up 69%, MicroStrategy up 74% from lows

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Share price of cryptocurrency exchange Coinbase has jumped 69% from all-time lows, and other crypto-related stocks, including economic intelligence firm MicroStrategy, have posted similar jumps , its green candles all around since the beginning of 2023.

Coinbase’s stock price fell to $31.95 on Jan. 6, before climbing to $54.14 at the close of trading on Jan. 17.

Coinbases share price for the last month. Source: Yahoo Finance

The rise in share price will likely come with a huge sigh of relief for Coinbase executives after a tough 2022 saw it cut its workforce by 20% and cut its Japanese operations. Despite the surge, COIN remains more than 84% below its all-time high.

Other crypto-related stocks such as MicroStrategy and digital payments firm Block Inc. also saw strong gains in the new year.

MicroStrategys stock price rose to nearly $236 from a low of just over $135 on Dec. 29, representing an increase of more than 74%, while Jack Dorseys Block saw the price of its stock rose a muted but still respectable 27%, after rebounding from a low. from under $59 on December 28 to over $75.

The rebound was even more dramatic for crypto mining stocks. Bitfarms and Marathon Digital Holdings posted increases of 140% and 120%, respectively, in the first two weeks of the year.

Crypto exchange-traded funds (ETFs) also rebounded to a lesser extent, with the Valkyrie Bitcoin Miners (WGMI) ETF more than doubling in price from just over $4 on December 28 to over $8. .

The ProShares Bitcoin Strategy ETF (BITO) rose from over $10 on December 28 to a current price of around $13, rising by just under a third.

Related: Is It a Bullfight or a Bull Trap? Watch the live market report

Even Grayscale Bitcoin Trust managed to regain some of its losses from 2022, after rising from a low of $7.76 on December 28 to a current price of $11.72, an increase of 51%.

Although the trust is designed to mirror the price of Bitcoin (BTC), it often trades at a discount or premium to the value of its underlying holdings. It is now sitting at a discount of just over 36%, having traded at over 45% discount on December 28.

Some experts believe Bitcoin in particular has skyrocketed on the back of positive US inflation numbers released on January 12, with the price of BTC up more than 17% since then, but it’s interesting to note. note that December 28 seemed to represent a market low for many cryptocurrencies and stocks.

Total #crypto market cap is back at over $1 trillion!!! pic.twitter.com/wS4N9qjA4G

Lark Davis (@TheCryptoLark) January 17, 2023

While the recent surge in crypto-related stocks is sure to come as a huge relief to those who have invested in them, it should be noted that many of these companies still have a long way to go to get back to their all-time highs, as underlined. by a January 10 tweet from financial adviser Geneviève Roch-Decter.

Crypto stocks over the past year:

Voyager -99.7%Silvergate -90.8%Marathon Digital -83.1%Coinbase -82.3%HIVE Blockchain -81.3%MicroStrategy -63.9%

Geneviève Roch-Decter, CFA (@GRDecter) January 10, 2023

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