- MicroStrategy’s MSTR stock led the market with triple-digit gains in the first half
- Solid recovery in the first half, greater regulatory clarity, upcoming ETH ETF and expected Fed rate cuts are key catalysts for the second half of 2024
Crypto-related stocks and Bitcoin [BTC] Mining stocks emerged as the biggest winners in the first half of the year, led by shares of MicroStrategy [MSTR]which posted triple-digit profits.
According to the recent version of CCData report“2024 H2 Outlook,” MSTR reported a whopping 380%, which the report linked to its massive BTC holdings.
“MicroStrategy led with a 380% share price increase, driven by its 214,000 Bitcoin holdings now worth $13.3 billion, purchased at an average cost of $35,158. These holdings have earned the company approximately $6.54 billion since 2020.”
BTC Mining Stocks and Overall Market Performance
In addition, other crypto-related stocks such as Coinbase [COIN] and Robinhood [HOOD] also posted impressive increases, up 329% and 122% respectively, according to the report.
Crypto mining stocks also showed a notable recovery. After the halving in April, shares such as Hut 8 Corp [HUT] and Bitfarms Ltd [BITF] rose 86% and 34% respectively, outperforming the king coin. In turn, it fell by 3.2% over the same period.
Source: CCData
As for spot BTC ETFs, the report noted that the products have “improved institutional adoption.” These products have attracted,
“$14.41 billion in inflows and total net worth increases to $53.56 billion. These ETFs now represent approximately 4.4% of Bitcoin’s total market capitalization. The IBIT ETF alone has raised nearly $17.64 billion, capturing over 1.5% of Bitcoin’s market cap.”
CEX markets share dynamics
Massive growth was also seen in the centralized exchange sector (CEX), with the first half (H1) delivering a total spot volume of $10.6 trillion – an increase of 145% compared to H2 2023.
Source: CCData
In terms of market share, the report added:
“Bitget, Crypto.com and Bybit saw the biggest increases of 38.4%, 24.6% and 22.2% respectively, while Coinbase saw small declines of around 6.0%.”
Bitcoin and crypto markets: outlook for the second half of 2024
The report underlined that the first half year’s performance could provide a solid foundation for an even better half year. In particular, it looked at the Fed’s expected rate cuts later in 2024 and the upcoming launch of the Ethereum platform. [ETH] ETF as an important catalyst for the market.
Furthermore, increasing regulatory clarity in the US and EU (via MiCA) is also a crucial catalyst for the second half of the year. In fact, AMBCrypto’s recent July outlook report echoed this bullish outlook, especially for BTC and memecoins.