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:
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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.