Bitcoin
BTC$49 128.70

-7.55%

Ethereum
ETH$4 120.96

-1.29%

Binance Coin
BNB$562.73

-3.52%

Tether
USDT$1.001430

0.08%

Solana
SOL$198.10

-2.74%

Cardano
ADA$1.39

-8.63%

Bitcoin mining stocks have outperformed BTC by 455% over the past 12 months


22 Mar 2021

#Bitcoin

While Bitcoin is up 900% in the last 12 months, shares in the four largest publicly-traded mining firms are up 5,000% over the same period. Despite the top publicly-listed Bitcoin mining firms operating at losses, their share prices have dramatically outperformed BTC over the past 12 months. Appearing on CNBC, Fundstrat’s vice president of digital asset strategy, Leeor Shimron, shared his analysis into the market performance of the four-largest publicly-traded mining firms — Marathon Digital Holdings, Riot Blockchain, Hive Blockchain, and Hut 8, each of which represent a market cap of more than $1 billion.

Over the past 12 months, Shimron found the average return for shares in the mining firms to have been 5,000%, while BTC has gained 900% over the same period. Unsurprisingly, the stocks were found to have a “high positive correlation” with BTC. The researcher concluded that for every 1% price move in BTC, Bitcoin mining shares move by 2.5% on average. However, the observation applies to both upward and downward price moves, meaning mining stocks are likely to plummet with more than twice the aggression of BTC during bearish market conditions.

By building up their cash rate capacity and increasing their operating leverage, they effectively shield themselves from competition amongst new miners. So they’ve increased their economies of scale to retain market share, and I believe that should pay dividends going forward.


Related

Bitcoin’s downtrend as a sign of market maturity
Bitcoin’s downtrend as a sign of market maturity
Bitcoin investors seem keen to capitalise on a very successful year
Bitcoin investors seem keen to capitalise on a very successful year
Bitcoin correction weakest of 2021 so far as hopes of Santa Claus rally rise
Bitcoin correction weakest of 2021 so far as hopes of Santa Claus rally rise
Bitcoin cools from 1-week highs with key long-term metric echoing $44K
Bitcoin cools from 1-week highs with key long-term metric echoing $44K
Bitcoin retreats, but interest in meta-currencies and ether persists
Bitcoin retreats, but interest in meta-currencies and ether persists
Where will BTC end November 2021?
Where will BTC end November 2021?
The cryptocurrency market holds key levels, gaining after a slump
The cryptocurrency market holds key levels, gaining after a slump
Libertex launches new account type for committed investors
Libertex launches new account type for committed investors
Cryptocurrencies to be tested this holiday season
Cryptocurrencies to be tested this holiday season

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 76.4% 50 $49 128.70 -7.55% -10.26% $928 110 420 973 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 81.2% 36 $4 120.96 -1.29% 0.92% $488 780 881 496 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 80.8% 32 $562.73 -3.52% -6.79% $93 864 649 605 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 92% 1 $1.001430 0.08% 0.06% $74 263 665 994 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 70% 62 $198.10 -2.74% 3.42% $60 546 003 381 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 64% 72 $1.39 -8.63% -9.93% $46 287 449 057 ADA 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 90.4% 2 $1.000097 -0.05% 0% $40 029 698 519 USDC 7 days price change
8 XRP (XRP) XRP XRP predictions 70% 66 $0.836385 -7.82% -11.54% $39 516 931 096 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 69.6% 62 $74.36 25.00% 66.02% $28 825 591 225 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 62.8% 76 $28.96 -12.18% -17.48% $28 604 270 701 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 73 $0.176449 -10.40% -13.54% $23 359 356 254 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64.4% 75 $90.68 -11.80% -18.97% $22 009 485 134 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62.4% 76 $0.000036 -8.88% -7.14% $19 722 014 052 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 57.6% 86 $0.600991 -3.69% -20.69% $15 182 834 806 CRO 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 67.6% 62 $1.97 -8.29% 22.24% $13 803 349 402 MATIC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.