The cryptocurrency industry has been growing for years, paving the way for companies focused on crypto assets and blockchain technology. Some of these companies have even seen their shares traded on stock exchanges, with several outperforming their peers in 2023. Four major crypto-related stocks provided significant profit opportunities throughout the year, a trend that could continue into 2024.
Marathon Digital (NASDAQ: MARA), a leading name in Bitcoin mining, reached a market cap of $5.94 billion as of December 26, according to CompaniesMarketCap data, becoming the largest Bitcoin mining firm. In 2023, its stock price surged by 685.59%, outperforming 99% of all assets on the stock exchange and 98% of 281 other stocks in the software sector. Recent data shows a weekly gain of 46.04% and a monthly increase of 134.09%.
Riot Platforms (NASDAQ: RIOT), with a market cap of $3.67 billion, became the second-largest Bitcoin mining company, surpassing top S&P 500 companies like Nvidia and Meta Platforms. Experts predict its stock price could soon hit $100. Riot’s performance in 2023 outdid 99% of all other stocks, and it surpassed 96% of the software sector, trading at $17.78 with weekly, monthly, and annual increases of 13.76%, 47.92%, and 427.6%, respectively.
Despite allegations from the U.S. Securities and Exchange Commission (SEC) this year, the centralized exchange Coinbase (NASDAQ: COIN) exhibited an incredible performance in 2023, gaining 422.26% in value over the year and trading at $175.48. COIN outperformed 99% of all stocks and 99% of 207 other stocks in the capital markets sector, with a weekly rise of 18.65% and a monthly increase of 51.88%.
Lastly, MicroStrategy (NASDAQ: MSTR), often synonymous with cryptocurrencies, saw its stock rise by 327% in 2023 alone, in line with the remarkable crypto market surge. At the time of writing, MSTR traded at $619.24, with a 7-day increase of 8.56%. The company’s chairman, Michael Saylor, who started investing in Bitcoin in 2020, continues to reap massive gains, with a 19.03% increase indicated on the monthly chart.
