Cryptocurrencies in the capital market. Blockchain companies and their correlation with the bitcoin rate

Cryptocurrencies were created as an alternative to traditional money. They are primarily associated with bitcoin. Initially, only a few invested in cryptocurrencies, and over time these assets became more and more popular. Not only individual investors but also companies have them in their portfolios. Companies from a new industry have appeared on stock exchanges – these are both cryptocurrency exchanges, payment processing companies, mining equipment manufacturers, and companies that have bitcoin and other cryptocurrencies in their assets balance. In order to meet the needs of investors, ETFs have also been created, bringing together blockchain companies. What are the most interesting blockchain and cryptocurrency companies? How are they doing on the stock market? How does the situation on the cryptocurrency market translate into the behavior of companies’ stock prices,

Stock market volatility as in crypto market

The behavior of stock prices of companies from the broadly understood blockchain industry is correlated with the cryptocurrency market, and especially with the bitcoin rate. The table below presents the bitcoin wallet and selected companies from the blockchain technology industry and their correlations over the last 12 months (counting from the end of May). The companies considered were: Argo Blockchain (ARBK), Canaan (CAN), Coinbase (COIN), Robinhood (HOOD), Marathon Digital (MARA), MicroStrategy (MSTR), Riot Blockchain (RIOT), Block (SQ) and Tesla (TSLA). The correlation of the bitcoin price with individual companies is high, ranging from 0.38 to 0.66, where the result of 1 is the perfect correlation and -1 is the perfect inverse correlation 


The Coinbase cryptocurrency exchange is one of the longest operating cryptocurrency exchanges. It was founded in 2012 by Brian Armstrong. In the beginning, you could only buy bitcoin on it, and in 2016 it started to handle other cryptocurrencies as well. There are currently over 150 digital assets available on Coinbase.

Coinbase is the world’s first cryptocurrency exchange to debut on the traditional stock exchange – it debuted on the NASDAQ exchange on April 14, 2021. On the first day of listing, the company’s share price rose by more than 30% from the benchmark set at $ 250. At the opening, the price was $ 381. On the same day, the bitcoin rate set historical records – the most famous cryptocurrency cost $ 64,000.


Robinhood Markets is an American financial services company known for commission-free transactions on shares and ETFs through a mobile application, operating since March 2015. In February 2018, Robinhood introduced cryptocurrencies to its mobile application. Initially, it was just Bitcoin and Ethereum. In July, others joined: Bitcoin Cash, Litecoin and Dogecoin. Currently, the platform supports 11 cryptocurrencies.

Michael Cooper

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