5 Trending Crypto Stocks To Watch Right Now
As we begin another trading week, cryptocurrency stocks seem to be in focus in the stock market today. For the most part, this would be thanks to the flagship digital currency Bitcoin. Earlier today, the cryptocurrency crossed the $50,000 mark and continues to hold steady. This would indicate a notable 3-month high for the digital coin. As you can imagine, all this would see investors eyeing some of the top cryptocurrency stocks again.
Now, with the hype around cryptocurrencies this year, more organizations have and continue to jump on the trend. For starters, we could look at fintech companies such as PayPal (NASDAQ: PYPL) and Mastercard (NYSE: MA). Both companies now offer consumers access to cryptocurrencies and provide related services. More importantly, they are also actively bolstering their cryptocurrency-related offerings now.
In particular, PayPal is launching its cryptocurrency service in the U.K. this week. Earlier today, the company announced the first international expansion of its crypto product. According to PayPal’s general manager for crypto and digital currencies Jose Fernandez, the company is confident of its ability to perform in the region. Fernandez cites PayPal’s success in the U.S. crypto space as a supporting factor. All in all, the cryptocurrency industry continues to grow and expand. On that note, here are five top cryptocurrency stocks to consider in the stock market now.
Top Cryptocurrency Stocks To Buy [Or Sell] This Week
- Marathon Digital Holdings Inc. (NASDAQ: MARA)
- Robinhood Markets Inc. (NASDAQ: HOOD)
- MicroStrategy Inc. (NASDAQ: MSTR)
- Square Inc. (NYSE: SQ)
- Coinbase Global Inc. (NASDAQ: COIN)
Marathon Digital Holdings Inc.
Marathon Digital Holdings is a cryptocurrency company that focuses 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 portfolios without having to deal with the complications of holding the asset directly. MARA stock currently trades at $36.85 as of 10:31 a.m. ET and has enjoyed 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. Notably, its monthly Bitcoin production increased by 66% month-over-month to 442.2 BTC in July. Total Bitcoin holdings grew to approximately 6,225.6 BTC. Marathon has also received approximately 19,401 S19 Pro ASIC miners from Bitmain year-to-date 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 things considered, will you consider MARA stock a buy right now?
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Robinhood Markets Inc.
Another name to consider in the crypto space now would be Robinhood Markets. In essence, the California-based company provides consumers with stock brokerage services. Notably, Robinhood users can do so via the company’s proprietary app with no account minimums. Regarding our list today, Robinhood also offers digital currency-related services via its Robinhood Crypto arm. With all the buzz around cryptocurrencies in the market this week, I could see investors eyeing HOOD stock.
Now, the company’s shares currently trade at $43.54 a share as of 10:45 a.m. Since its IPO earlier this month, HOOD stock is now looking at gains of over 25%. Regardless, the company seems to be gaining ground in terms of its crypto offerings. Just last week, Robinhood reported that cryptocurrency transactions accounted for more than half of its sales in the quarter. 62% of said gains are thanks to the hit popularity of Dogecoin among retail investors.
Overall, Robinhood raked in a total crypto transaction revenue of $233 million, a major leap from $5 million in the year-ago quarter. With the company gaining momentum on this front, would you consider HOOD stock a cryptocurrency player to invest in now?
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MicroStrategy Inc.
Following that, we will be taking a look at MicroStrategy (MSTR). To begin with, it is a major name in the analytics and business intelligence industry. Through its platform, the company provides organizations across the globe with best-in-class enterprise analytics. Notable names among its clientele would include Amazon (NASDAQ: AMZN) Web Services, 3M (NYSE: MMM), and Accenture (NYSE: ACN). More importantly, the company is well-known for its growing treasury of bitcoins. This would be where MSTR stock comes into play amidst the current Bitcoin hype.
Now, the company’s shares currently trade at $722.58 as of 11:00 a.m. ET. Namely, this is after skyrocketing by over 360% in the past year. The real question now is whether MSTR stock is worth investing in at this current price point. Well, if you are among the Bitcoin bulls looking to invest in cryptocurrency stocks, the answer could be a yes.
Evidently, CEO Michael Saylor revealed that MSTR currently holds over 105,000 bitcoins. Adding to that, Saylor also mentioned that the company is keen to increase this figure moving forward. Given all of this, will you be keeping an eye on MSTR stock this week?
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Square Inc.
Square is a company that specializes 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 money to one another. SQ stock currently trades at $269.21 as of 11:10 a.m. ET. On August 1, 2021, the company announced its second-quarter 2021 financial results.
Diving in, the company reported a total net revenue of $4.68 billion, up by 143% year-over-year. Excluding Bitcoin, total net revenue in the second quarter was $1.96 billion. Gross profit was $1.14 billion for the quarter, up by 91% year-over-year.
In particular, Cash App delivered strong growth for the quarter, generating $3.33 billion of revenue and $546 million of gross profit. Its gross payment volume (GPV) reached an impressive $4.1 billion, more than doubling year-over-year. Given the impressive financials, 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. Its company boasts over 68 million verified users and has a quarter traded volume of $462 billion. The company’s exchange is available in over 100 countries and it employs over 2,000 employees. COIN stock currently trades at $269.51 as of 11:25 a.m. ET.
Last week, the company announced that it will be investing $500 million of its cash into a diverse portfolio of crypto assets. It also plans to allocate 10% of its quarterly net income into this same portfolio. The company says that it will increase its allocation over time as the crypto economy matures.
It also says that it is a long-term investor and all trades will be executed via its over-the-counter desk or away from its exchange to avoid any conflict of interest with its customers. For these reasons, will you buy COIN stock?
