In April, stocks of companies associated with cryptocurrencies, including mining, fell significantly more than Bitcoin. This is due to the ForkLog report.

During the reporting period, the share of digital gold fell by 17.3% and Ethereum by 16.9%. Total market capitalization fell 18%.

Against this background, shares of the largest American crypto exchange Coinbase fell more than 40% in price, and on the Bakkt platform – 38.1%.

The losses for companies in the mining industry were even higher: Riot Blockchain prices fell 50.8%, while Marathon Digital’s prices fell 45.3%. Miner producer Canaan saw a 35% drop in its stock price.

In April, the stock market continued its downward trend in general. However, the Nasdaq Composite Technology Index pulled back 22.2% from its mid-month peak. The decline in the S&P 500 was 12.78 percent.

During the reporting period, bitcoin’s correlation with the US stock market strengthened. Statistical correlation with the S&P 500 was 0.52 versus 0.48 in March. Ethereum reached 0.57.

Former BitMEX CEO and co-founder Arthur Hayes predicted that Bitcoin and Ethereum will test the $30,000 and $2,500 levels by the end of the second quarter of 2022 due to correlations with traditional markets.

On May 9, digital gold prices dropped below $33,500. Cryptocurrency-related stocks also continued to decline.

Sponsor of “Bitcoin industry by numbers” column – global blockchain ecosystem Binance.

Recall that Arcane Research analysts proposed an industry metric for a benchmarking of public mining companies. Shares of Marathon and Riot were the most appreciated.