The best cryptocurrency stocks to invest in right now as Bitcoin hits $ 50,000? 5 to check
5 crypto stocks to watch right now
As we begin another week of trading, cryptocurrency stocks appear to be the focus of the stock market today. For the most part, that would be thanks to the flagship digital currency Bitcoin. Earlier today, the cryptocurrency broke through the $ 50,000 mark and continues to hold its ground. This would indicate a notable 3 month high for the digital coin. As you can imagine, all of this would see investors once again eyeing some of the best cryptocurrency stocks.
Now, with the hype around cryptocurrencies this year, more and more organizations have and continue to jump on the trend. For starters, we could look at fintech companies such as Pay Pal (NASDAQ: PYPL) and MasterCard (NYSE: MA). Both companies now offer consumers access to cryptocurrencies and provide related services. More importantly, they are also actively boosting their cryptocurrency related offerings now.
In particular, PayPal is launching its cryptocurrency service in the UK this week. Earlier today, the company announced the first international expansion of its crypto product. According to PayPal’s Managing Director for Cryptocurrencies and Digital Currencies, Jose Fernandez, the company is confident in its ability to operate in the region. Fernandez cites PayPal’s success in the US crypto space as a supporting factor. Overall, the cryptocurrency industry continues to grow and develop. On that note, here are five top cryptocurrency stocks to consider in the stock market. now.
Best Cryptocurrency Stocks To Buy [Or Sell] This week
Marathon Digital Holdings Inc.
Marathon Digital Holdings is a cryptocurrency company focused on building the largest mining operation in North America with one of the lowest energy costs. In essence, it helps investors gain exposure to Bitcoin in their wallets without having to face the complications of directly holding the asset. MARA stock is currently trading at $ 36.85 at 10:31 am ET and has seen gains of over 1,400% in the past year alone.
On August 3, 2021, the company announced its Bitcoin production and mining operations updates for July 2021. Its monthly Bitcoin production notably increased 66% month-over-month to 442.2 BTC in July. Total Bitcoin holdings increased to around 6,225.6 BTC. Marathon has also received approximately 19,401 S19 Pro ASIC miners from Bitmain since the start of the year with an additional 4,287 miners currently in transit.
Impressively, its existing mining fleet consists of 19,395 active miners producing 2.09 EH / s. On August 1, 2021, the company also announced the purchase of an additional 30,000 miners from Bitmain. All in all, will you consider MARA stock a buy now?
Robinhood Markets Inc.
Another name to consider in the crypto space now would be Robinhood Markets. Essentially, the California-based company provides consumers with securities brokerage services. Notably, Robinhood users can do so through the company’s proprietary app with no minimum account. Regarding our list today, Robinhood also offers digital currency related services through its Robinhood Crypto branch. With all the buzz surrounding cryptocurrencies in the market this week, I could see investors eyeing HOOD stocks.
Now, the company’s stock is currently trading at $ 43.54 per share at 10:45 a.m. Since its IPO earlier this month, HOOD stock is now targeting gains of more than 25%. Regardless, the company appears to be gaining ground in terms of crypto offerings. As recently as last week, Robinhood reported that cryptocurrency transactions accounted for more than half of its sales during the quarter. 62% of these gains are due to the popularity of Dogecoin among retail investors.
Overall, Robinhood raked in total crypto transaction revenue of $ 233 million, a big jump from the $ 5 million in the quarter last year. As the company picks up steam on this front, would you see HOOD stock as a cryptocurrency player to invest in now?
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Subsequently, we will examine MicroStrategy (MSTR). For starters, it’s a major name in the business intelligence and analytics industry. Through its platform, the company provides organizations around the world with the best business analytics. Notable names among his clientele would include Amazon (NASDAQ: AMZN) Web Services, 3M (NYSE: MMM), and Accent (NYSE: ACN). Most importantly, the company is well known for its growing bitcoin cash flow. This would be where the MSTR stock comes into play amid the current Bitcoin hype.
Now, the company’s shares are currently trading at $ 722.58 at 11:00 a.m. ET. Namely, this is after skyrocketing over 360% in the past year. The real question now is whether MSTR stock is worth investing at this current price point. Well, if you are one of the Bitcoin bulls looking to invest in cryptocurrency stocks, the answer could be yes.
Obviously, CEO Michael Saylor has revealed that MSTR currently holds over 105,000 bitcoins. On top of that, Saylor also mentioned that the company wants to increase this figure in the future. Given all of this, will you be keeping an eye on MSTR’s stock this week?
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Square is a company specializing in digital payments. The company allows its sellers to use its platform to reach buyers online and in person, manage their businesses, and access financing. Through its Cash app, users can send cryptocurrency and fiat currency to each other. SQ stock is currently trading at $ 269.21 at 11:10 a.m. ET. On August 1, 2021, the company announced its financial results for the second quarter of 2021.
Plunging, the company reported total net revenue of $ 4.68 billion, up 143% year-over-year. Excluding Bitcoin, total second quarter net revenue was $ 1.96 billion. Gross margin was $ 1.14 billion for the quarter, up 91% year-on-year.
In particular, Cash App saw strong growth for the quarter, generating $ 3.33 billion in revenue and $ 546 million in gross margin. Its gross payment volume (GPV) reached an impressive $ 4.1 billion, more than double year-over-year. Given the impressive financial data, is SQ stock worth adding to your portfolio right now?
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Coinbase Global Inc.
Next on this list we have Coinbase, a crypto company that operates a cryptocurrency exchange platform. His company has more than 68 million verified users and a quarterly traded volume of $ 462 billion. The company’s stock exchange is available in over 100 countries and employs over 2,000 employees. COIN stock is currently trading at $ 269.51 at 11:25 a.m. ET.
Last week, the company announced that it would invest $ 500 million of its cash in a diversified portfolio of crypto assets. It also plans to allocate 10% of its quarterly net income to this same portfolio. The company says it will increase its allocation over time as the crypto economy matures.
It also states that this is a long-term investor and that all transactions will be executed through its OTC office or off its exchange to avoid any conflict of interest with its clients. For these reasons, are you going to buy COIN shares?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.