Looking For The Best Cryptocurrency Stocks To Watch Right Now? 3 Making Moves
Cryptocurrency stocks had a stellar 2020 in the stock market. In fact, some of them even started off 2021 with new all-time highs. No doubt, this is thanks to bitcoin reaching a new all-time high itself on January 3. The digital currency soared above the $34,000 mark. As a result, investors have been swarming the top cryptocurrency stocks. I can understand why investing in bitcoin itself can be a challenge given its high volatility. Naturally, the next best option would be cryptocurrency companies that provide services related to bitcoin.
What exactly makes bitcoin prices rise? Well, it can be said that the adoption of the currency by major institutional investors and key fintech players is crucial. For example, we have seen the likes of PayPal (PYPL Stock Report) and Square (SQ Stock Report) bolster their cryptocurrency services. Notably, Pantera Capital found that PayPal clients were buying up a majority of new bitcoin supplies back in November. Simply put, the general public has easier access to cryptocurrency than ever. At the rate things are going, could bitcoin and its peers be the currency of the future?
In the larger scheme of things, people will likely continue to flock to bitcoin. This is because of the economic pressures brought on by the ongoing coronavirus pandemic. With central banks printing more money, seasoned investors could be more inclined to invest in commodities with limited supply. Arguably, you could say that bitcoin fits the bill in that sense. Having read this far, you are probably leaning towards either investing in bitcoin or cryptocurrency stocks. If it’s the latter, here is a list of the top cryptocurrency stocks to watch this month.
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Top Cryptocurrency Stocks To Watch Right Now
- Riot Blockchain Inc. (RIOT Stock Report)
- Visa Inc (V Stock Report)
- Bit Digital Inc (BTBT Stock Report)
Top Cryptocurrency Stocks To Watch This Week #1: Riot Blockchain Inc
Starting us off, we have Riot (NASDAQ: RIOT). The company focuses on bitcoin mining and supporting the bitcoin blockchain through various means. In detail, this can range from participating in bitcoin’s consensus system and racing to find blocks and build upon them. Considering its work with bitcoin, Riot is a crypto company that investors are watching closely. Another reason for that would be RIOT stock which has seen gains of over 1100% in the past year. Naturally, with such impressive numbers, investors could be wondering if Riot has anything planned for the future.
The answer is a resounding yes. On December 22, the company announced that it would be purchasing 15,000 new Antminers which are used to mine bitcoins. The new fleet of mining hardware will be deployed from May 2021 to October 2021. Impressively, the company expects this expansion to increase its bitcoin mining hash rate capacity by 65%. CEO Jeff McGonegal said, “Expanding the Company’s bitcoin mining hash rate and operating on a cost-effective basis is very important, particularly during periods when the bitcoin spot price has appreciably increased. We are pleased to have secured this latest purchase, especially given that the available supply of mining hardware continues to become increasingly scarce.” It seems to me that Riot is prepping for more bitcoin price rallies in 2021. Time will tell if it pays off in the long-run. But for now, RIOT investors appear to be having a great time.
In terms of financials, Riot reported a 41% year-over-year rise in total revenue in its third-quarter fiscal back in November. Not to mention, the company also saw a 98% rise in cash on hand to the sum of over $30 million. All in all, do you think RIOT stock is in for another great year?
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Top Cryptocurrency Stocks To Watch This Week #2: Visa Inc
Visa (NYSE: V) is the next top cryptocurrency stock on our list. The fintech giant needs no introduction. With V Stock returning to pre-pandemic numbers, investors may be curious as to what the company has planned for 2021. With pandemic tailwinds, the company likely has the rise of digital payments to thank for its recovery. Moving forward Visa has not been resting on its laurels. This is because it has been setting up its cryptocurrency infrastructure over the past few years.
The most recent development in this arena was reported just yesterday. It was announced that Simplex will become a principal member of Visa in Europe. This matters because Simplex is known as a mover of fiat/crypto cooperability. Visa Head of Cryptocurrency, Cuy Sheffield said, “For digital currencies to have utility as a medium of exchange, there needs to be convenient fiat on-ramps and off-ramps. We’re excited to work with leading fintechs like Simplex who are helping to enable simple, secure, and compliant conversions between crypto and fiat and the ability to spend these funds at Visa’s network of more than 60 million merchants.” This marks yet another great move by Visa in the cryptocurrency space. Investors may be watching V stock closely to see what the company will be up to next in the crypto space.
In Visa’s recent quarter fiscal reported in October, the company reported total revenue of $5.1 billion for the quarter. Moreover, it also saw a 107% jump in cash on hand year-over-year. This amounted to a whopping $16.29 billion by the end of the quarter. In other words, Visa clearly has the funds to incorporate the rise of digital currencies into its current business. What do you think this means for V stock in the long-term?
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Top Cryptocurrency Stocks To Watch This Week #3: Bit Digital Inc
Finally, we will be looking at Bit (NASDAQ: BTBT). In summary, the company is dedicated to integrating resources globally for bitcoin and bitcoin mining. It commenced bitcoin mining in early 2020 and is currently operating at 2,253.5 PH/s Bitcoin Hash Rate. This makes it one of the largest bitcoin mining companies listed on Nasdaq. Similar to the performance of bitcoin this year, BTBT stock has exploded. Specifically, the company’s shares increased by over 8000% in the past year. For an emerging bitcoin mining company, new investors would likely be inclined to see what it brings to the table.
Evidently, Bit was ready for the recent bitcoin surge. In early December, the company invested $13.9 million into new mining machines. CFO Erke Huang did mention that Bit’s utility costs would fall in exchange for greater profit margins. For one thing, Bit made the right call at the right time. Being able to bolster its mining capabilities ahead of the current bitcoin rally has put it in a great position. The question remains if it can leverage its position to bring big gains for BTBT stock investors.
Additionally, Bit also reported a fruitful third quarter on December 21. The company brought in a total of $7.91 million in revenue from its bitcoin mining business. On top of that, it also acquired 16,865 miners in the quarter. This marked a 280% increase from the previous quarter. Should Bit be able to keep its momentum up, BTBT stock investors could be in for a treat in the long run. Would you say the same?
