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.
