Cryptocurrencies caught the world’s attention in 2017, as prices for digital coins soared through the year. There are many types of cryptocurrencies in existence today, but the name that went mainstream last year was Bitcoin. Bitcoin dominated news headlines through the year, with the coins rising as much as 1,900% late in the year.
As bitcoin started to rise, so did any company that was in any way involved with the cryptocurrency. Semiconductor stocks were strong since the computing power needed to mine cryptocurrencies is so intense that miners are forced to buy very powerful computer rigs to get the most coins possible.
Late last year, as bitcoin was near its peak, we took a look at five stocks that were thriving in response to its rise. Over the last month, bitcoin has fallen dramatically, and appears to have, at least for now, found a natural trading range between $10,000 and $11,000, well below the $20,000 it hit late in the year.
Whether or not bitcoin is just taking a breather, or whether the market has decided that the coins are not worth the $20,000 they hit in 2017 remains to be seen. There are fears over regulation, security, and whether or not bitcoin will ultimately be the cryptocurrency that everyone adopts.
With the drop in price, it is time to take a look at the five stocks we highlighted last year, and see how each has fared over the last month as bitcoin prices have come back closer to earth.