Crypto Stock Recap: Wall Street Doesn’t Treat All Bitcoin Miners Equally
Bitcoin 
BTC
-0.36%
The price of was 6.6% higher during the stock market opening this week, but the recent rise in coin prices has not affected all cryptocurrency-related stocks equally.
Here’s how stock market returns stacked up for the best cryptocurrency stocks last week.
Small-scale miners have benefited greatly.
The winners this week appear to be smaller Bitcoin mining companies Bitfarms (up 46.2%) and Core Scientific (up 43.5%), handily outpacing Bitcoin’s gains. Argo Blockchain and Terawulf also recorded small gains of 31% and 20% respectively this week, according to data from TradingView.
However, not all small miners achieved the same results. Cipher Mining lost 4.3% for the week, while Hut 8’s shares fell 3.9%.
As for industry leaders, Marathon outperformed Bitcoin with a 10.1% gain, while Riot outpaced Bitcoin with a gain of just 2.5%. JP Morgan recently updated Riot’s rating from Neutral to Underweight and had a $12 price target on the stock.
Coinbase and Microstrategy underperformed.
Some large cryptocurrency stocks rose this week but failed to outpace Bitcoin’s price gains. Last week, Coinbase’s stock price rose only 1.5% compared to Bitcoin’s 6.6% rise. Microstrategy, led by Michael Saylor, also underperformed Bitcoin but still posted a 5.1% gain this week, according to TradingView.
Last week’s biggest loser
Bitcoin mining hardware developer Canaan had a tough week on Wall Street, with its shares falling 19%, significantly underperforming Bitcoin’s gains. Canaan joins Galaxy (-1.62%) and Bakkt (-3.80%) as some of the only stocks to lose value over the past week.
Next week is seen as a key one for stock markets in setting the tone heading into 2024, with November consumer price index data released on Tuesday and the Federal Reserve’s interest rate decision on Wednesday.
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