Publicly traded crypto firms are breaking records, celebrating triple-digit gains this year. On December 4th, Bitcoin danced to a new year-high, surpassing $42,000 and turning the crypto world into a vibrant carnival.
Coinbase (COIN) joined the party, closing at over $141 with a 5.5% gain—rocketing up 320% from its New Year’s resolution. Bitcoin miners, Marathon Digital (MARA) and Riot Platforms (RIOT), waltzed their way to over 8% gains, flaunting 337% and 345% YTD gains.
Galaxy Digital Holdings (GLXY) popped the champagne with a nearly 12% daily gain and a dazzling 155% YTD increase. MicroStrategy (MSTR), flaunting the largest Bitcoin holdings, rocked the dance floor with a 6.5% daily gain and a YTD rise of 288%.
While crypto stocks celebrate, the wider North American stock market faces a mixed bag of winners and losers. Large-cap tech stocks like Microsoft and Apple stumbled, doing the stock market cha-cha with 1.43% and 0.95% falls, respectively. Google and chip manufacturer Nvidia had their own missteps with 2.02% and 2.68% dips.
Despite the crypto cheers, these stocks remain below their all-time highs. Tony Sycamore, the analyst from Down Under, attributed the crypto rally to Bitcoin’s recent dazzling moves, reaching a 19-month high and gaining nearly 152% YTD. Investors are flocking to crypto stocks, viewing them as the VIP passes to the crypto party until the elusive U.S. spot Bitcoin ETFs are approved.
“As the price of Bitcoin rises, it fuels excitement and drives increased trading volumes and participation across the crypto ecosystem,” said Sycamore. He pointed out the tailwinds supporting Bitcoin, reminiscent of 2021, and the optimism around potential spot ETF approvals, Federal Reserve rate cuts, and the impending Bitcoin halving in April.
Jon de Wet from Crypto platform Zerocap chimed in, declaring, “We have some serious fire in the cauldron for the crypto space” with possible ETF approvals and the halving on the horizon. The crypto carnival is in full swing, and the market is embracing the chaos with open arms.
