Significant Increase in Crypto Stock Prices: Coinbase Rises 69%, MicroStrategy Rises 74% from Lowest Points

Despite predictions that the Federal Reserve will continue to raise interest rates, the prices of ETFs, crypto-related stocks, and tokens have risen sharply in 2023. The share price of cryptocurrency exchange Coinbase, for example, has increased by 69% since its all-time low.

 

Other crypto-related stocks, such as business intelligence firm MicroStrategy, have also seen significant gains.

 

The share price of Coinbase fell as low as $31.95 on January 6th, but by the close of trading on January 17th, it had risen to $54.14.

 

The rising share price will likely be a relief for Coinbase executives, who faced a difficult 2022 and had to cut 20% of their workforce and close their Japanese operations.

 

Despite the surge, the stock’s price (COIN) remains 84% below its all-time high.

 

Other crypto-related stocks have also seen significant gains in the new year, such as MicroStrategy and Block Inc. (digital payments company).

 

The share price of MicroStrategy has risen from $135 on December 29th to nearly $236, representing an increase of 74%, and Block Inc has seen an increase of 27% in its share price after recovering from a low of under $59 on December 28th to over $75.

 

The rebound has been even more significant for crypto mining stocks, with Bitfarms and Marathon Digital Holdings recording increases of 140% and 120%, respectively, in the first two weeks of the year.

 

Crypto exchange-traded funds (ETFs) also rebounded to a lesser degree, the Valkyrie Bitcoin Miners ETF (WGMI) has more than doubled its price from $4 on December 28th to over $8, and the ProShares Bitcoin Strategy ETF (BITO) increased by a third, going from over $10 on December 28th to around $13.

 

Even the Grayscale Bitcoin Trust has seen some recovery from its losses in 2022, with its price increasing from $7.76 on December 28th to $11.72, a 51% increase.

 

The trust is designed to track the price of Bitcoin, which is currently at $21,289, but it often trades at a discount or premium to the value of its underlying holdings. It is currently trading at a discount of 36% after having traded at a 45% discount on December 28th.

 

Some analysts believe that Bitcoin has risen in response to positive inflation figures from the United States, released on January 12th, which has led to a 17% increase in its price.

 

However, it is worth noting that December 28th seemed to mark a market bottom for many cryptocurrencies and stocks.

 

While the recent increase in crypto-related stocks is a positive development, many of these companies still have a long way to go to reach their all-time highs, as noted by financial advisor Genevieve Roch-Decter in a January 10th tweet.

 

 

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