Matrixport revealed that although Bitcoin has climbed more than 150% this year, miners have done much more.
A recent Matrixport has compared Bitcoin’s performance to that of a few crypto firms, highlighting their year-to-date (YTD) increases. According to a Matrixport report, Bitcoin has already significantly outperformed the Nasdaq at +150%, over 53%. Current data from MarketWatch shows that Bitcoin has crossed 160%.
Although the world’s king coin’s performance has been impressive, others have bigger gains. For instance, major crypto exchange Coinbase Global Inc (NASDAQ: COIN) has climbed more than 333%, according to data from MarketWatch.
Matrixport Points Out Bitcoin Miners Scaling BTC’s YTD Gains
In addition to Coinbase, a few Bitcoin miners have also enjoyed heavy gains. For instance, HIVE Digital Technologies Ltd has climbed 164%, while Iris Energy Ltd (NASDAQ: IREN) has added 380%. Bitfarms Ltd (TSE: BITF) had the largest jump of the three at 601%, and 566% over the last 12 months. In the past month alone, BTF has advanced 144%.
Matrixport hints at the potential gains obtainable from a diversified portfolio that features the exchange and a few mining companies. The company’s Head of Research Markus Thielen says that according to a regression analysis, these stocks could be 97% higher even with Bitcoin at $30,000. However, Thielen says that Bitcoin crossing its all-time high and hitting $70,000 could push the stocks up to a whopping 572%. The exec states that, in general, a basket of Bitcoin companies, including Coinbase and a few miners, returned +266%.
Among other things, the Matrixport report also touches on Bitcoin transaction fees, pointing to Bitcoin Ordinals. The renewed interest in the Bitcoin non-fungible tokens (NFTs) has been responsible for a surge in Bitcoin’s transaction fees this year. It is also responsible for the high revenues a few Bitcoin mining companies have achieved since January.
BTC in 2024
Matrixport is bullish on Bitcoin and believes the current bull market will continue. In a November publication, Matrixport reaffirmed a forecast of $63,140 by April 2024 and believes BTC will hit $125,000 when the year ends. The forecasts consider several factors, including the macro, monetary, and geopolitical ingredients needed for BTC to hit the prices. There also is the general bullishness that comes with the halving. The publication reads:
“Historically, the years when Bitcoin mining rewards were halved were generally bullish: 2012 (+186%), 2016 (+126%), and 2020 (+297%). As miners tended to hoard Bitcoins before each halving, prices increased by +200%, which would project Bitcoin reaching $125,000.”
As part of factors in favor of Bitcoin, Matrixport adds that it expects the macro environment to provide “a robust tailwind for crypto”. According to the report, the company sees a further decline in inflation, which should spur the Federal Reserve into rate cuts. Matrixport says that “this healthy dose of monetary support should push Bitcoin to new highs in 2024.”
In early November, Coinspeaker reported Matrixport’s forecast for Bitcoin at $56,000 by the end of 2023. Thielen had predicted that the chance of this is higher than 71% because BTC was already more than 100% at the time of the forecast.
