2024 Is The Year Of Cryptocurrency Companies! Here Are The Best And Worst Performing Crypto Stocks Of 2024!

The year 2024 has been a turning point for the cryptocurrency market, characterized by major milestones such as the launch of spot Bitcoin ETFs, the Bitcoin halving in April, and the unexpected support of President-elect Donald Trump.

Best and Worst Performing Crypto Stocks of 2024: MicroStrategy and Core Scientific Lead the Gains

These developments have fueled optimism and volatility in crypto markets and have significantly impacted crypto-related stocks.

While some companies have thrived by leveraging market momentum and strategic moves, others have faced operational challenges and falling stock prices. Here’s a detailed look at the best and worst performing crypto stocks of 2024.

Top Performers

MicroStrategy (MSTR)

Earnings: +402%

Market Value: $83 billion

MicroStrategy has continued its aggressive Bitcoin buying strategy, becoming the largest institutional holder of the cryptocurrency. As of year-end, the company held approximately 440,000 Bitcoins worth over $40 billion.

Core Scientific (CORZ)

Earnings: +307%

Market Value: $3.9 billion

Bitcoin mining firm signs 12-year contract with AI hyperscaler CoreWeave, ensuring post-injury resilience and positioning itself as a leader in the industry

Terawulf (WULF)

Earnings: +142%

Market Value: $2.15 billion

Terawulf reported strengthening its infrastructure-focused operations with a 100% year-over-year increase in its self-mining hashrate capacity of 10.0 EH/s.

Hut 8 (HUT)

Earnings: +75%

Market Value: $2.06 billion

Hut 8 has received positive ratings from analysts, who cite its significant power capacity and mining infrastructure as competitive advantages.

Bitdeer Technologies (BTDR)

Earnings: +122%

Market Value: $2.75 billion

Bitdeer has stepped up its own Bitcoin mining operations by developing its vertical integration strategy.

Coinbase (COIN)

Earnings: +69%

Market Value: $66.5 billion

Coinbase launched a $1 billion stock buyback program and reported strong trading volumes, solidifying its position as a leading crypto exchange.

Worst Performers

Argo Blockchain (ARBK)

Loss: -80%

Market Value: $44 million

The London-based miner has struggled with operational challenges and regulatory headwinds, including a dilutive share issuance.

Gryphon Digital Mining (GRYP)

Loss: -92%

Market Value: $23 million

Gryphon reported a sharp decline in revenue and faced mounting losses, making it the worst-performing company of the year among crypto-related stocks.

Greenidge Generation (GREE)

Loss: -74%

Market Value: $25 million

The company faced regulatory challenges due to its facility in New York state but managed to avoid closure after a protracted legal battle.

Bitfarms (BITF)

Loss: -43%

Market Value: $917 million

Bitfarms has been embroiled in a takeover dispute with Riot Platforms, affecting investor confidence and stock performance.

Hive Digital (HIVE)

Loss: -32%

Market Value: $522 million

The mining company improved its net loss from the previous year but suffered a decline in revenues and failed to capitalise on market opportunities.

Broader Market Context

Bitcoin’s price is up nearly 120% in 2024, while the S&P 500 has gained 25%. Crypto-adjacent stocks like Robinhood (+203%) and Block (+24%) have benefited from the broader rally.

*This is not investment advice.

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