Wall Street banking giant Goldman Sachs has identified an emerging cluster of crypto-related stocks that are performing much better than the index itself.
In a note to investors on Tuesday, April 27, analysts at the investment bank highlighted 19 U.S. stocks that had a market capitalization of more than $1 billion and close ties to the cryptocurrency and blockchain industry.
Goldman’s investment gurus stated that many of these stocks have “dramatically outperformed” the broader stock market, with the firms averaging a return of 43% this year, which is more than three times the 13% that the S&P 500 has gained over the same period.
The leading two stocks were crypto mining companies Marathon Digital Holdings and Riot Blockchain with gains of 218% and 151% year to date respectively.
Tesla has also had a solid year with the stock reaching an all-time high of $883 in January a couple of weeks before its announcement it had invested $1.5 billion into Bitcoin. Facebook has also