While Bitcoin's 130% surge grabbed headlines this past year, a select group of stocks outpaced the cryptocurrency behemoth. AppLovin (APP), MakeMyTrip (MMYT), NVIDIA (NVDA), Powell Industries (POWL), and TG Therapeutics (TGTX) all rode waves of market demand to deliver eye-popping returns.
These five companies found remarkable success in their sectors, from AI breakthroughs to fronting an industrial boom. Moreover, their stellar performance wasn't just a flash in the pan. Standing behind their stock price increases are robust fundamentals and impressive metrics like revenue growth and return on equity (ROE), which suggest these stocks could keep outshining Bitcoin, one of the most volatile assets. Below, we dig into how they did it.
Over the past year, BTC has had one of its best years, more than doubling in price. This was driven by the start of trading for spot bitcoin exchange-traded funds (ETFs), market sentiment, and other major financial catalysts.
In late October 2023, BTC pierced the $30,000 level in a rally spurred by anticipation of the U.S. Securities and Exchange Commission approving the spot BTC ETFs. The approval of ETFs from BlackRock and Fidelity significantly increased the institutional demand for BTC, increasing demand for the cryptocurrency. By January 2024, BTC's price surged to $49,000. There was also anticipation for the upcoming BTC halving event.
However, the cryptocurrency didn't climb upwards all year. In late January 2024, BTC corrected, dipping 20% to a low of $38,500. This was only a pullback, and by mid-February 2024, the cryptocurrency had rallied past $50,000. The BTC spring halving was another major catalyst for the cryptocurrency, as halving events reduce BTC's supply by cutting mining rewards in half, usually leading to a spike in its price.
By mid-March 2024, BTC reached an all-time high of $73,835, fueled by solid demand, particularly from ETFs. Despite this peak, BTC began consolidating, trading between $49,000 and $73,895 for the following months.
In the preceding 12 months, the price of Bitcoin rose 150%.
The gauges for the stocks selected below are as follows:
Below, we discuss the criteria further, but let's get to our analysis first: