Bitcoin ATH vs Mining Stocks Market Cap (2017-2025)

Extended analysis showing correlation between Bitcoin's all-time highs and mining companies' market capitalizations from the 2017 crypto boom through current 2025 records. Data reveals amplified volatility in mining sector.

Chart 1: Bitcoin ATH vs Mining Companies Market Cap

Chart 2: Bitcoin vs Total Mining Market Cap Evolution

Chart 3: Percentage Changes from 2017 Baseline

Extended Historical Analysis (2017-2025)

Bitcoin ATH Timeline

  • • December 2017: $19,783 (First major bubble)
  • • December 2018: $3,200 (Crypto winter low)
  • • December 2020: $28,996 (Institutional entry)
  • • November 2021: $69,000 (Peak bull run)
  • • June 2022: $17,708 (Bear market bottom)
  • • March 2024: $73,737 (ETF-driven recovery)
  • • July 2025: $118,000+ (Current record)

Market Cap Evolution

  • • 2017 Peak: Total miners ~$95M market cap
  • • 2021 Peak: Combined $13.8B (145x growth)
  • • Current (2025): Combined $4.25B market cap
  • • Volatility Factor: 10-20x more volatile than Bitcoin
  • • MARA Leadership: Largest market cap historically
  • • CLSK Performance: Best recovery relative to 2021 peak

2017 Crypto Boom

Bitcoin: $19.8K
Mining stocks emerged as Bitcoin proxies with tiny market caps but massive potential.

2021 Peak Mania

Bitcoin: $69K
MARA reached $6.8B market cap - a 151x increase from 2017, showing extreme leverage to Bitcoin.

2025 Divergence

Bitcoin: $118K
Despite new Bitcoin ATH, miners' market caps remain 69% below 2021 peaks, suggesting maturation.

Key Correlation Insights

Mining stocks show extreme correlation with Bitcoin but with 10-20x amplified volatility. The 2020-2021 bull run saw market caps grow 145x while Bitcoin only grew 3.5x from 2017 levels. However, the current cycle shows more moderate growth, indicating market maturation and the impact of direct Bitcoin ETFs reducing speculative premium on mining stocks. Current total mining market cap represents only 0.18% of Bitcoin's market cap, down from 1.08% in 2021.