4 Hot Cryptocurrency Stocks To Watch Before November 2021
The stock market continues to push higher at the start of this week, building on gains from the past week. Yet, many investors are watching other parts of the market even more closely. In particular, cryptocurrency stocks have been doing extremely well lately, with Bitcoin holding steady above $60,000. For instance, Bakkt Holdings (NYSE: BKKT) started making waves in the stock market on Monday. This came after the digital asset platform announced blockbuster deals with two major financial companies.
Bakkt is partnering with Mastercard (NYSE: MA) to help the company provide its customers with a broad range of cryptocurrency services. In detail, the service includes the ability to offer loyalty rewards where that can be converted into Bitcoin. What’s more, Bakkt is also teaming up with Fiserv (NASDAQ: FISV) to give companies more options when making payments to consumers and other businesses. Through this partnership, Fiserv could allow its customers to transfer cryptocurrencies into and out of mobile wallets easily. If anything, investors seem quite happy with the progress that the crypto space has made to go mainstream.
Last week, the first exchange-traded (ETF) fund gave investors a way to participate in the Bitcoin market. ProShares Bitcoin Strategy ETF (NYSEMKT: BITO) tracks Bitcoin futures, rather than the spot price of Bitcoin itself. The approval of a futures ETF for Bitcoin will be seen as only a partial victory by some in the crypto community. Right now, investors appear to be focusing on the upcoming VanEck Bitcoin Strategy ETF, which tracks the spot-market price of Bitcoin. With regulators loosening up on cryptocurrencies, it might just be an opportune time to have a list of top cryptocurrency stocks to watch in the stock market today.
Top Cryptocurrency Stocks To Buy [Or Sell] Right Now
- Coinbase Global Inc. (NASDAQ: COIN)
- Robinhood Markets Inc. (NASDAQ: HOOD)
- Hut 8 Mining Corp. (NASDAQ: HUT)
- PayPal Holdings Inc. (NASDAQ: PYPL)
Coinbase
One of the companies seeing positive impact recently is crypto exchange giant, Coinbase Global. Since the start of October, Coinbase has jumped more than 40% this month, one of its best performances since its IPO earlier this year. Many investors are now hoping that it can continue to build on its recent gains. Apart from the strong bullish price action from Bitcoin, the new partnership with Facebook (NASDAQ: FB) has also attracted many bulls. For those unfamiliar, Facebook is currently piloting a digital-wallet product so its users can make digital cross-border transactions and is in need of a safe place to store its cryptocurrencies. And Coinbase is offering custodial services to Facebook.
In the near term, Coinbase still has a lot to prove. The company will need to demonstrate that its trading platform is viable and can generate sustainable fee income. If the company can keep developing new revenue streams like with its custodial services, then it could bring significant rewards to shareholders. Given the increasing adoption of cryptocurrencies, would you bet on COIN stock in the stock market today?
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Robinhood
A growing number of Americans are interested in investing in cryptocurrencies, and Robinhood is one of the most popular options offering such service. The company is well-known for its commission-free exchange platform. In addition, it makes its trading platform accessible to all as people can invest with no account minimums. The number of Robinhood downloads have also jumped in days after Digital World Acquisition (NASDAQ: DWAC) announced a deal with Donald Trump’s media company. Robinhood will be reporting its third-quarter results after the stock market closes today.
In late September, the company announced that it will be launching crypto wallets. In detail, starting in October, some customers will be able to begin testing crypto wallets on Robinhood. These users will be able to send, receive, and move cryptocurrencies in and out of the company’s app. This move comes as cryptocurrency makes up an increasingly large part of Robinhood’s revenue. Considering all these, will you be watching HOOD stock closely ahead of its earnings report this afternoon?
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Hut 8 Mining
Hut 8 Mining is a promising Canada-based mining and blockchain infrastructure company. In brief, it engages in the business of utilizing specialized equipment to solve computational problems to validate transactions on the bitcoin blockchain. Much of Hut 8’s appeal lies in its plans to scale up its mining operations to perform 2.5 quintillion guesses per second. The measurement represents the mathematical solution needed to mine a new block on Bitcoin’s blockchain. This is a huge improvement over the company’s 1 quintillion per second hash rate last year.
The company also provided its September production update earlier this month. It appears that 264 Bitcoin were mined, resulting in an average production rate of 9.11 Bitcoin per day. For now, 100% of the self-mined Bitcoin will be deposited into custody. This is consistent with the company’s long-term holding strategy. The initial target was to have over 5,000 self-mined Bitcoin by the end of its fourth quarter. However, the company is well ahead of schedule and already has 4,724 as of September 30, 2021. With its commitment to environmentally sustainable mining, will HUT stock make up your list of top cryptocurrency stocks to buy right now?
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PayPal
Fintech giant PayPal may have abandoned the Pinterest (NYSE: PINS) takeover. But that doesn’t mean there’s no growth opportunity with this fintech giant. Notably, the company has been at the forefront of the digital payments ecosystem and continues to empower over 400 million consumers and merchants. In fact, there are signs that embracing crypto is starting to pay off for the business. From the company’s most recent earnings report, Venmo processed $58 billion in transactions for the period ending June 30. This marks an increase of 58% year-over-year.
Last month, the company announced that it has agreed to acquire Paidy, a leading payments platform, and provider of buy now, pay later solutions in Japan for approximately $2.7 billion, principally in cash. This acquisition will expand the company’s capabilities, relevance, and distribution in the domestic payments market in Japan, the third-largest e-commerce market in the world. With that being said, is PYPL stock worth adding to your portfolio?
