Coinbase stock has now outperformed bitcoin over the past year

This year, crypto stocks have outperformed most major cryptocurrencies.

Core Scientific (CORZ), a major bitcoin miner, has seen its shares rise by 1,140% to $0.87.

The Texas-based firm filed for bankruptcy in December last year and is hoping to make a recovery. It still has a long way to go before it can fully restore its once billion-dollar valuation. The value is down 56% in the last year and by more than 90% from when it first went public.

Cipher Mining, which has risen almost 600% in the past year, was also boosted by bitcoin’s rally. BTC will be up 80% by 2023 even though it has dropped below $30,000 in the last week.

TeraWulf, which launched the US’s very first nuclear-powered Bitcoin mining facility in May, and Iris Energy are up respectively 384% and 4666%.

A trader who made equal bets on the top Bitcoin mining stocks at the beginning of the year, but excluded Core Scientific, would have gained nearly 250%.

The same person would have earned an average of 49% on their investment in the top 50 crypto currencies by market capital over the same time period.

Ether (ETH) has surged 58%, while XRP is up 130%. The markets are responding positively to the mixed ruling of a long-running court case.

Coinbase (COIN), a publicly listed US crypto exchange that started at $35 and now trades for $101, has also tripled in value this year. This is a one-third gain over the last year. However, it’s still down 70% since its direct listing in April 2021.

BlackRock, the world’s largest asset management firm, has named Coinbase as a potential bitcoin custodian.

TipRanks reports that an average of 22 Wall Street analysts forecasts for Coinbase point to a $68.53 price target, a 32% drop from the current price.

Fintech payments have seen mixed results. Block (formerly Square), which is behind the bitcoin-forward Cash App has seen a 18% year-to date increase.

PayPal, the company that allowed users to purchase and sell cryptocurrency in October 2020 is down by about 2%.

The corporate earnings season in the US has begun, but the publicly traded crypto companies will not report their results until the end of this month.

Positive earnings reports for crypto stocks in this month could be a catalyst to further growth on digital asset markets. However, the same cannot be said about quarterly reports that are not impressive.