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Major Declines in BTC Mining Stocks Despite Bitcoin’s 128% YoY Rally
The cryptocurrency market has been a rollercoaster ride over the past year, especially for Bitcoin (BTC). As of December 25th, its value has surged an impressive 128% year-on-year. However, surprisingly, publicly listed Bitcoin mining companies have not shared in the same success, with many stocks plummeting in value.
According to recent data, a significant drop was observed in Argo Blockchain’s stock, which recorded the steepest decline among miners, as it fell by an astonishing 84.31% since the start of the year. The company further suffered a 5% loss over the past 24 hours.
Another major player in the mining sector, Greenidge, has also seen its stock decline dramatically. The firm’s market value dropped by almost 9% in a single day and an alarming 74% since January.
Sphere 3D is another publicly traded miner that has not been spared from the downward spiral, with its market capitalization taking a hit of 4.22% in the past day alone and a whopping 71% drop across the past year.
These significant declines stand in stark contrast to the extraordinary performance of Bitcoin itself. Its value has increased by an astonishing 128% since January.
This divergence highlights the intricate complexities involved in virtual asset investment, where no single market or sector can be taken for granted.
Despite the mining sector’s struggles, Bitcoin continues to dominate the cryptocurrency space, having reached a price of nearly $99,000 as of December 24th. It has also experienced a 5% increase since the holiday season.
Source: cryptopotato.com
