Since the beginning of the year, the S&P 500 index has increased by nearly 20%, but Bitcoin has moved in the opposite direction, declining by about 4%. Crypto-related companies listed on U.S. stock exchanges also show a mixed picture of hot and cold.

Among the biggest winners in the first half of the year, BitMine soared 345%, followed closely by IREN with a 300% increase. Cipher Mining, Robinhood Markets, and Hut 8 recorded gains of 250%, 208%, and 136% respectively. Terawulf and Bitfarms also rose by 132% and 72%, demonstrating a commendable overall performance.

On the other hand, many companies fell into a quagmire during the same period. Sol Strategies suffered the worst decline, dropping 88%. Fold Holdings and Gemini followed, with decreases of 75% and 67%. Semler Scientific, Exodus Movement, Strategy, and others also experienced declines ranging from 44% to 66%.

This divergence in the cryptocurrency market reflects the significant differences in investor appeal driven by varying business models, technological accumulation, and market positioning.