Just Buy Bitcoin! BTC Outperforms All Major Crypto Stocks in 2022

Bitcoin faith

Bitcoin (BTC) price has dropped significantly since January, but not as bad as traditional crypto stocks. The leading crypto asset has lost slightly more than 50% this year but crypto stocks such as Coinbase are down more than 70% at the same time.

On the year-to-date (YTD) chart, BTC outperformed traditional crypto stocks in 2022 by up to 22%. MicroStrategy (MSTR) leads crypto-related stocks, losing 36% more than the King coin.

How Major Crypto Stocks Performed This Year

A look at how top crypto-related stocks performed in 2022;

MicroStrategy (MSTR)

MicroStrategy’s stock MSTR has led other crypto-related stocks in price performance this year. MSTR started the year at $576 but has fallen to $248, down 55.52% in 2022. The stock fell as much as 30% in June. However, in August, it surged more than 14% just after the company reported a $1 billion loss in its second quarter (Q2) earnings call.

Block Inc. (SQ)

Shares of fintech company Block (SQ) formerly known as Square, which was trading at $164 in January have since dropped 61.52% this year. At the time of writing, the stock was trading at $61.67 down by 0.77% in the last 24 hours. The stock’s sharp decline stemmed from rising interest rates and other macroeconomic factors. SQ was also reportedly downgraded by some analysts from a buy rating to neutral.

Coinbase (COIN)

Shares of Coinbase Global (COIN) plummeted more than 71% this year. The fall in Coinbase’s shares was due to reduced crypto trading activity on its platform, which stemmed from falling crypto prices since May/June.

Analysts at Goldman Sachs also downgraded COIN from neutral to sell, lowering the price target to $45. At the time of writing, the stock is currently trading at $72.10, down 1.19% on the day.

Bitcoin Shows Potential

Despite some investors opting for crypto stocks as they see it as a better and safer way to gain exposure to bitcoin, the leading digital asset continues to show its potential by outperforming traditional crypto stocks so far in 2022.

Meanwhile, Coinfomania reported a few days ago that bitcoin’s correlation with gold has recently hit a yearly high.

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