Due to the continued negative sentiment in the market, cryptocurrency stocks have reversed their prior weeks’ outflows. Most assets received inflows this week that offset losses from the market slump. Crypto stocks are still traded in tandem with the broader cryptocurrency markets. Events about Bitcoin (BTC), altcoins, or blockchain technology impact these assets.
Weekly data indicates that while mid-week trade exhibited optimism, cryptocurrency stocks increased relative to other digital assets. The fact that the market cap is still $2.26 trillion illustrates the unfavorable attitudes in the cryptocurrency space. This is how a few cryptocurrency stocks performed this week.
Cryptocurrency Stocks Rise Weekly
Coinbase, a digital asset exchange, began the week with weak stats and minimal volume but then saw enormous gains and yet another round of sharp declines. Coinbase is currently trading at $222.23, down 0.7% from yesterday’s positive perspective on the market. However, weekly gains increased to more than 2.5 percent after a solid midweek trade.
Throughout several cycles, Coinbase’s stock has consistently reflected the market’s performance because of activity changes. This week, the company established a partnership with payment company Stripe to attract a wider audience.
Significant inflows were seen this week at MicroStrategy (MSTR), a corporation well-known for its Bitcoin holdings, even though the numbers are still in the red zone. Today’s MARA is down 9%, while the weekly figures are down 1%. Longer-term outflows, however, demonstrate the asset’s degree of recovery this week. MSTR fell 17.7% last month, trading at $1,377, wiping out many gains in Q1 2023.
Stocks Associated with Bitcoin Mining Are Up
Bitcoin mining firms likely saw the most gains this week among all cryptocurrency stocks. This results from the asset’s rising price and the midweek trade surge. At $19.85, Marathon Digital (MARA) is up 0.97% today. This week, the Coinbase asset has gained more than 7%, wiping up earlier losses.
Hut 8, a Canadian miner, also surged 24% this week as market and industry activity picked up. Riot Platforms saw a small rise of 0.22% in trading today, closing at $9.14.
