The post Bitcoin Soared 150% in 2023 But These Companies Did Even Better: Matrixport appeared on BitcoinEthereumNews.com.

In a notable shift within the crypto landscape, a recent report from Matrixport, a prominent financial services firm, has provided valuable insights into the performance of publicly listed digital asset companies. The report has revealed that these entities have outperformed Bitcoin in terms of year-to-date returns. Bitcoin Soars 150% as Crypto Firms Surge by 266% 2023 marked a good year for Bitcoin, outperforming the Nasdaq substantially. Bitcoin’s growth was reported at +150%, contrasting Nasdaq’s +53%. Despite the cryptocurrency’s strong performance, a collection of listed Bitcoin mining companies and other digital asset firms like Coinbase surged even higher, delivering a 266% return. This outperformance of more than 110% over Bitcoin highlights the cyclical nature of BTC mining companies, which are heavily influenced by the fluctuating prices of cryptocurrencies. A previous September Matrixport report noted the potential of investing in publicly listed Bitcoin mining companies. Matrixport’s analysis found that if Bitcoin reaches a new all-time high of $70,000, investors in the asset itself could see a return of about 167%. However, a diversified portfolio of publicly listed Bitcoin mining companies, such as HIVE Digital, Bitfarms, and Iris Energy, could offer even greater gains. These entities were trading at a 33% discount based on Bitcoin’s price at the time of the report, with a potential upside of 52%. According to Markus Thielen, head of research at Matrixport, regression analysis suggests that these stocks could be valued 97% higher if Bitcoin returns to $30,000 or an astonishing 572% higher if Bitcoin reaches $70,000. Matrixport Report Reveals Surging Bitcoin Fees and Solana’s Rise Matrixport’s report further highlights an interesting development in the Bitcoin ecosystem, which has been the surge in transaction fees, partly due to the rising popularity of Ordinals. This phenomenon has increased revenues for Bitcoin mining companies, even when BTC’s prices are declining…

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Filed under: News - @ December 19, 2023 10:22 am