The beginning of 2023 looks quite promising for crypto-related firm stockholders as the prices of stocks are on the rise.
One of the examples is the cryptocurrency exchange Coinbase, whose stock price surged by 69% compared to its all-time low of $31.95. According to the Nasdaq data, after the January 17th trading was closed, Coinbase stock was worth $54.14.
Although the price was nowhere near its all-time high of $357.39 in 2021, it may be treated as a sign of recovery. 2022 was a challenging year for Coinbase, which resulted in the company cutting around 20% of its workforce and planning to stop providing its services in Japan.
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Other crypto-related firms, like MicroStrategy and Block Inc., have also seen their stock prices surge in the past few days.
MicroStrategy's stock price jumped to almost $236 per stock. The company’s all-time low was reached at the end of December 2022, when it was worth less than $135. On top of that, digital payment firm Block Inc. recorded a 26% price increase from its all-time low of $59 to a price of around $75.
Moreover, crypto-mining stocks are also on the rise. Bitfarms Ltd's stock price bounced back from its all-time low by over 120%, while another crypto miner Marathon Digital Holdings' stock price surged by 140%.
While the stock prices of some crypto-related firms look rather promising, the whole crypto stock industry has a long way to go to return to its all-time highs. On January 10th, financial adviser Genevieve Roch-Decter shared a tweet illustrating the dramatic downfall of crypto stock prices.
It is worth noting that crypto prices are also on the rise. At the time of writing, Bitcoin (BTC) retails for $21,318.35, recording a 0.37% price increase in the last 24 hours. On the other hand, Ethereum (ETH) is valued at $1,580.97.
