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The leading financial services company Matrixport‘s recently published report contains valuable information regarding the performance of public crypto companies, which have caused a notable change in the world of cryptocurrency. The report reveals that these companies have outperformed Bitcoin 
$105,789 (BTC) in terms of returns since the beginning of the year.
Crypto Companies Up 266%, Bitcoin Up 150%
2023 has been a good year for Bitcoin, significantly outperforming Nasdaq. Since the beginning of the year, Bitcoin’s rise has been 150%, in contrast to Nasdaq’s 53% increase. Despite the strong performance of cryptocurrencies, a portfolio consisting of publicly listed Bitcoin mining companies and other crypto firms like Coinbase has shown an even higher performance of 266%. This performance, which is 110% higher than Bitcoin’s, particularly highlights the cyclical nature of BTC mining companies, which are greatly affected by the prices of cryptocurrencies.
Matrixport’s previous report published in September had highlighted the potential of investing in public Bitcoin mining companies. According to Matrixport’s analysis, if Bitcoin reaches its all-time high of around 70,000 dollars, investors in the largest cryptocurrency could see a gain of approximately 167%.
However, a diversified portfolio consisting of public Bitcoin mining companies such as HIVE Digital, Bitfarms, and Iris Energy could bring even greater gains. These companies are trading at a 33% discount to Bitcoin’s price at the time of writing and potentially could see a 52% increase.
According to Matrixport’s head of research Markus Thielen, regression analysis shows that if Bitcoin drops to 30,000 dollars, the value of these stocks could decrease by 97%, but if Bitcoin reaches 70,000 dollars, they could gain an astonishing 572% in value.
Increase in Bitcoin Transaction Fees and Solana’s Rise
Matrixport’s report also draws attention to a significant increase in transaction fees within the Bitcoin ecosystem, partly due to the growing popularity of Ordinals. This phenomenon has allowed the revenues of Bitcoin mining companies to increase, even if BTC’s price falls or consolidates, due to the rising transaction fees.
Furthermore, the report highlights that Solana 
$157‘s (SOL) performance has overshadowed most Layer 1 and Layer 2 altcoins. A risk-adjusted analysis of the two largest cryptocurrencies shows that Bitcoin has outperformed its closest competitor, Ethereum (ETH) 
$2,594, which has seen an 83% increase since the first day of the year.
Matrixport is optimistic about the future trajectory of Bitcoin, predicting that the price of the largest cryptocurrency will reach 63,140 dollars by April 2024 and ambitiously 125,000 dollars by the end of the year. Historical data, macroeconomic factors, and the expected impact of events such as the block reward halving in April 2024 support this bullish expectation.
