Coinbase, MicroStrategy and Crypto Stocks Set Weekly High Record
Crypto stocks have reversed course following previous weeks of rallying as market sentiment remains subdued. This week, most assets have seen losses from the market downturn erased. Crypto stocks continue to trade alongside the cryptocurrency market and the broader stock market. These assets are affected by events in Bitcoin (BTC), altcoins, or blockchain technology.
Weekly figures show crypto stocks have recovered compared to digital assets, despite a slight positive midweek trade. The market cap still stands at $2.26 trillion, reflecting the negative sentiment in the crypto market. Here’s how some crypto stocks performed this week.
Crypto Stocks Soar to Weekly Gains
Digital asset exchange Coinbase saw shaky numbers on low volume at the start of the week before big gains and numbers falling again. COIN It is trading down 0.7% today at $222.23 after the market turned bullish, but weekly gains have climbed above 2.5% after positive trading in the middle of the week.
Coinbase stock has always represented market performance over multiple cycles due to fluctuations in activity. This week, the company announced a partnership with the payments firm Strip reach more customers.
MicroStrategy (MSTR), a company known for its products bitcoin The holdings have seen significant inflows this week, although the numbers are still in the red. MARA is down 9% today, while the weekly numbers are down 1%. However, long-term outflows show the asset’s recovery this week. MSTR, trading at $1,377, has fallen 17.7% this month, erasing a significant portion of the gains recorded in the first quarter of 2023.
Bitcoin Mining Shares Rise
Bitcoin mining stocks were probably the biggest gainers among crypto stocks this week. This is due to the uptick in midweek trading and the rising price of the asset. Marathon Digital (MARA) rose 0.97% to $19.85 today. This week the asset rose over 7%, erasing previous losses.
Similarly, Canada-based miner Hut 8 has gained 24% this week as market and industry activity increased. Riot Platforms also traded up 0.22% today at $9.14.
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a knack for keeping up with breaking news. Keeping up to date with trends, David has reported on a variety of topics including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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