• Bitcoin is down for the week but still up 50% YTD.
• BTC mining stocks have jumped by over 200% year-to-date.
• Cipher Mining (CIFR) has soared almost 400% YTD.
Bitcoin Mining Stocks Up 200% YTD
Crypto Stock Performance
Bitcoin price fell 10% against USD Thursday, bringing it to a bargain price at this time in its halving cycle. Meanwhile, crypto stocks are another class of blockchain assets in the bargain bin this week, with several soaring YTD trendlines. The S&P 500 Index of the top 500 U.S. companies has increased by 14%, the tech-focused NASDAQ Composite is up 28%, and the Dow Jones Industrial Average is up 4%. Top performers include stocks like Nvidia (219%), Meta (164%), and Tesla (117%).
Cipher Mining Outperforms
However, even those three top-performing stocks aren’t flying as high as some Bitcoin miners are, with one miner stock, Cipher Mining (CIFR), up a whopping 389% for the year so far. This surge in performance comes as Bitcoin activity is on the rise this year.
Speculations Around SpaceX
The downturn in Bitcoin prices comes amidst speculations that SpaceX might have sold its remaining holdings of the cryptocurrency. That brings bitcoin down to an attractive price for investors looking to buy at a discount during this halving cycle.
With markets closely watching crypto prices after this week’s turbulence, crypto stocks remain in a buying opportunity now more than ever before. Investors can take advantage of these discounts now and ride out any volatility that may come later on this year or next as bitcoin further matures into mainstream acceptance across industries and asset classes globally.
As long-term investors search for opportunities amid short term market fluctuations, they should consider investing in bitcoin miners that stand to benefit from increased demand and usage of cryptocurrencies over time—and right now there is no better performing stock than Cipher Mining (CIFR).