Quick Take
Over the past half-year, a notable divergence was observed between Bitcoin and the prices of Bitcoin mining stocks. However, the past fortnight has witnessed a remarkable turnaround in this trajectory.
Bitcoin has appreciated by a modest 5.37%. Here’s how various Bitcoin mining stocks have performed:
Bitcoin Miner
%
Cleanspark
65%
IREN
42%
MARA
31%
WULF
30%
RIOT
28%
WGMI
19%
HIVE
7%
Hut 8
3%
Source: Trading View
Following CryptoSlate’s posting of the divergence, Bitcoin has appreciated by a modest 5.37%. Nevertheless, the real story lies in the resurgence of Bitcoin mining stocks, with the majority posting double-digit growth.
Cleanspark, a standout performer, soared by 65%, followed by IREN, which increased 42%. Meanwhile, MARA, WULF, and RIOT exhibited robust growth with increases of 31%, 30%, and 28% respectively. WGMI and HIVE slightly lagged yet still posted healthy gains of 19% and 7%. The sole outlier was Hut 8, which experienced a modest 3% uptick.
In addition, on Nov.22, CryptoSlate identified a disparity between the gold miners’ ETF, GDX, and spot gold prices, with GDX seemingly trailing behind. Since that observation, gold has escalated toward its all-time high, while GDX has experienced a significant uptick of 7%.
This reversal indicates a promising upward price discovery for Bitcoin mining companies, signaling potential investor confidence in the sector’s profitability.
Miner Share Prices vs BTC: (Source: Trading View)
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