The Price Of These Cryptocurrency Stocks Is Soaring
Bitcoin’s incredible bull run has seen its value rise by almost 500 percent within 12 months, charging back over $50,000 per bitcoin.
At the beginning of February 2021, the value of the circulating 18.6 million bitcoin tokens crossed the $1 trillion mark for the first time, pushing the broader cryptocurrency market to nearly $2 trillion.
The rise in bitcoin and other cryptocurrency prices has tempted new investors to take an interest in the burgeoning market, meaning the share prices of similar crypto businesses are rising too. Some are growing at faster rates, outpacing recent crypto rallies by many miles. The casino industry is growing, with BTC crypto gambling accounting for a significant share of the growth.
The last three months alone have seen bitcoin price climb by 150 percent, with some other popular cryptocurrencies recording far more significant gains. For example, the market share price of KR1, a digital asset investment company listed in London, has grown by approximately 800 percent since the beginning of December. The company started as a Polkadot early investor, Ethereum’s main rival. For gaining profit through crypto trading check bitcoin revolution review.
Speaking to Forbes over the phone, KR1 managing director George McDonaugh highlighted the company’s purpose that has seen its share stock price rise 33,000 percent since 2016. “KR1 was set up to allow investors access to the crypto economy via a publicly-listed company. Cryptocurrency stocks are outperforming the underlying assets because of the infrastructure that allows people to invest in public stock, such as 401(k)s and ISAs. If you can tax-wrapper something as explosive as crypto, that makes a lot of sense in a lot of investor’s eyes.”
KR1 were not the only movers over that period, however. Marathon Digital Holdings, based in Las Vegas, grew by 500 percent since the beginning of December, while Riot Blockchain from Colorado registered a 400 percent growth.
One of the biggest achievers is Shanghai-based The9, developers and operators of online and mobile apps, blockchain miners, and other blockchain services. The company’s share price has risen by more than 1500 percent in three months only, a direct response to the bitcoin price surge over the same period.
Even as share prices of cryptocurrency prices continue to appreciate amid bitcoin’s recent bull run, stakeholders are cautious about a crypto bear market like the famous one in 2018 that could lead to stock prices plummeting.
“There could be every possible shade of despair if digital assets fall by 90% again,” noted McDonaugh concerning the 2018 scenario.
“It will mean we can start allocating capital again. Right now we’re riding the success of projects we bet on during the 2018-19 bear market. We need to make sure we’re best-positioned to take advantage of the tailwinds and we’re able to work harder if we enter a slow down.”
Top Cryptocurrency Stocks to Watch
Mastercard is a leading brand in global payments and one of the most trusted platforms. On February 10, the company announced it would begin supporting some cryptocurrencies on its network. That gives credence to the rising general adoption of digital currency as the payment mode of the future.
The rise of bitcoin price has led to Mastercard becoming a major focus, with stocks recovering to their pre-pandemic levels. Its current valuation may not be what most investors would be looking for, but there’s enough reason to keep its stock on the watchlist.
PayPal Holdings Inc.
Another cryptocurrency stock worth looking at would be PayPal. It is primarily designed to provide customers with alternative electronic payment options other than paper money. PayPal benefitted immensely throughout the pandemic where digital payments were normalized.
Early in February, PayPal CEO Dan Schulman revealed that the company released more new products and services in 2020 than in any other year and expects to step up the pace in 2021. The company has gained over 240 percent since March 2020, which makes investing in its stock a worthy investment.
MicroStrategy is a top business intelligence service provider but has also established itself in the provision of mobile software and cloud-based services. Today, every company is looking to find value in their data, meaning MicroStrategy is best-placed for continued growth.
Besides, MicroStrategy was among the companies that adopted bitcoin as a corporate asset. The rise of bitcoin and other cryptocurrencies has directly resulted in a 580-percent gain in stock over 12 months. It is not done yet, as there are more plans by the company to capitalize on the current cryptocurrency hype.
Future Fintech Group Inc.
Future Fintech focuses on the development of blockchain technology and related services. Particularly, the company is all about developing blockchain-based e-commerce and financial tech. The Chinese company’s other operations include the development of an online shopping mall platform, digital payments, and cross-border e-commerce platform. The buzz surrounding bitcoin has pushed the company’s stock to appreciate by more than 500 percent in a year.
In the immediate future, investors will be looking keenly at the growing companies that have embraced bitcoin as a mode of payment and their offerings as potential game-changers in their respective fields. The future of the above cryptocurrency stocks looks bright, but there will be more players coming up.