Crypto equities or stocks have been on fire in 2023 as digital asset and global stock markets recover. Some have outperformed the rest of the crypto market, and the leaders are now rising to the top.
On November 29, Bitwise Crypto Equities Specialist Alyssa Choo commented that 2023 continues to be a good year for crypto equities. An equity is the value of a company’s assets minus its liabilities, which can be considered the same as a share or stock.
Crypto Equities Surging
Choo highlighted four crypto equities that have made triple-digit gains this year, outperforming crypto markets.
Crypto markets have had a solid, if not slow-building, year, with total capitalization gaining 80% since January 1, 2023. However, those gains are dwarfed by some of the top-performing crypto equities.
Coinbase (COIN) is one of the best-performing crypto stocks of the year, with a 280% gain. On January 1, COIN was trading at just $33.60. It had reached $127.78 in after-hours trading on November 28. Additionally, Coinbase – which was recently subpoenaed by the CFTC – saw shares gain more than 12% this week, buoyed by the Binance settlement with the US Justice Department.
Trader “IncomeSharks” commented:
“Sometimes you need a bad earnings to kick a stock into gear. COIN for example showing what happens when crypto gets hot again.”
Read more: Best Crypto Mining Stocks to Buy or Watch Now
Riot Platforms has made similar gains since the beginning of the year. The Bitcoin mining and data center solutions company has had a stellar year, with RIOT trading at $12.86 in after-hours trading.
Marathon Digital, another Bitcoin mining company, has made an impressive 260% since the beginning of the year. MARA was trading at $12.25 after-hours on November 28.
Galaxy Digital was Choo’s final pick, with GLXY reaching $8.24 on November 28. Company stock has more than doubled since the beginning of 2023.
Stocks Outperform Cryptocurrencies
Not included in the list was MicroStrategy, the world’s largest corporate holder of Bitcoin. MSTR has surged 245% since the beginning of this year, reaching $502 in after-hours trading.
On November 29, Tradingview posted its overall best stocks of the year, with a market cap of over $5 billion. Coinbase and MicroStrategy were in the top ten.
It also noted that Solana (SOL), Chainlink (LINK), and Avalanche (AVAX) were the three best-performing high-cap altcoins this year.
Additionally, payment companies that offer crypto, such as PayPal (PYPL) and Block (SQ), have also seen solid equity performances this year.
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