2022 was a brutal year for investors across multiple asset classes, and cryptocurrencies were no exception. Indeed, Bitcoin (BTC-USD) went from over $47,000 at the beginning of 2022 to under $17,000 by the end. However, 2023 has been very positive so far, as the cryptocurrency has surged over 80% on a year-to-date basis, as pictured below:
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Unsurprisingly, cryptocurrency stocks saw their share prices jump, too, since the underlying price of Bitcoin impacts their financial results. Stocks that have benefitted greatly so far include:
- Bitfarms (NASDAQ:BITF)
- Cipher Mining (NASDAQ:CIFR)
- Marathon Digital (NASDAQ:MARA)
- Bit Digital (NASDAQ:BTBT)
The biggest winner has been CIFR stock, which has seen share prices increase by a whopping 373% since the start of 2023. It is followed by MARA, BTBT, and BITF, with gains of 237%, 214%, and 184%, respectively. Regardless of which stocks investors chose at the beginning of the year, each one has significantly outperformed Bitcoin.