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Saturday, May 15, 2021

Stocks of Bitcoin Mining Outperforms Bitcoin by 455% In Last 12 Months

The trading firms of Bitcoin mining have surged by a massive 5,000% during the past 12 months’ time. On the other hand, Bitcoin (BTC) has spiked by 900% over the same period of time.

Even though the leading Bitcoin mining companies that are publicly listed have been operating at some loss, the prices of their shares have surprisingly surpassed BTC during the last 12 months.

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Leeor Shimron is the Vice President of digital asset planning at Fundstrat. He has recently started his analysis regarding the performance in the cryptocurrency market of the 4 topmost publicly-traded Bitcoin mining firms including Hut8, Hive Blockchain, Riot Blockchain, and Marathon Digital Holdings. He has informed that each of these mining firms has a market capitalization of over $1 billion.

Shimron has further added that in the preceding 12 months, the average shares of the rerun in BTC mining companies was 5,000% at the same time Bitcoin increased 900%. This is not surprising that the stocks had been seen as having a positive correlation in regard to BTC.

BTC Topped by Bitcoin Mining Firms

Shimron has also remarked that for each 1% move in the prices of BTC, the shares of Bitcoin mining move on an average of 2.5%. Nonetheless, these observations can be applied to downward as well as upward price moves. This indicates that the mining stocks have the possibility of plummeting with two times more aggression than BTC at the bearish market pattern.

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The shares of Coinbase are presently trading at almost an amount of $100 billion in private markets and suggest the presence of investor interest in getting exposure to the operators inside the cryptocurrency sector. The miners are also a part of this sector.

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