The year 2023 turned out to be positive for the digital asset market and crypto-related equities. Whereas the biggest cryptocurrencies like Bitcoin (BTC) and Solana (SOL) grew by 130% and 490%, respectively on the year to date (YTD) basis, several key crypto linked equities have managed to replicate the same performance.
Coinbase (COIN) surges by 281% YTD
Coinbase Global Inc (NASDAQ: COIN), the US biggest crypto exchange by trading volume, has witnessed a remarkable YTD surge of 281%. This reflects the increasing interest and adoption of digital assets.
COIN shares saw a massive surge recently which helped it to reach their highest point in 18 months. Its price went on to hit $128 on November 28, 2023. However, the stock is still 60% below its all-time high of $343 recorded on November 12, 2021.
Riot Blockchain (RIOT)
Riot Platforms Inc (NASDAQ: RIOT), known for its focus on crypto mining and blockchain technologies saw a a substantial YTD growth of 274%. This signals strong market confidence. Riot was trading at an average price of $12.86 on November 28, 2023.
Marathon Digital (MARA)
Marathon Digital Holdings Inc (NASDAQ: MARA), a company engaged in Bitcoin mining and digital asset management also showed an impressive YTD growth of 260%. This aligns with the overall positive trend in the crypto sector. MARA price stood at $12.38 on November 28, 2023.
Galaxy Digital (GLXY)
Galaxy Digital Holdings Ltd (TSE: GLXY), a diversified financial services firm dedicated to the digital asset and blockchain sector recorded a solid YTD growth of 114%. This has directly contributed to the overall success of crypto equities.
Bitcoin on a roll
Bitcoin (BTC) experienced a 3% surge in the last 24 hours, reclaiming the crucial $38,000 price level. The positive momentum followed a statement by Federal Reserve Governor Christopher Waller, expressing confidence in the current policy’s ability to control inflation. Waller, considered a hawkish figure, emphasized that potential rate cuts would not be about rescuing the economy but ensuring monetary policy remains appropriate amid declining inflation.
