Cryptocurrency Market Stocks to watch out for
Interest in the cryptocurrency market is surging once again especially as Bitcoin prices went up by almost 30% over the last month. This increase is driven by the growing interest in the cryptocurrency market. Paypal’s recent move to allow its customers to buy and sell certain cryptocurrencies has also fuelled in increase.
As interest in the cryptocurrency market increases, it is important to look at interesting stocks in the crypto market. These stocks could be of interest to investors who are looking for upside from cryptocurrency adoption and prices. These investors however want to avoid buying into the currencies themselves considering the volatility, risk of fraud, or cyber theft, or potential portfolio mandates. Below is a bit more about such stocks and how they have fared so far this year.
Interesting Stocks with Cryptocurrency Market Affiliations
Square cash mobile wallet app has emerged as a very popular way for people to buy and sell Bitcoin on the cryptocurrency market. The stock has gained a whopping 183% year-to-date, as investors bet that Square’s digital payment solutions will continue to gain traction through and post Covid-19. However, the stock has dropped by about -9% over the last 5 trading days.
Nvidia a semiconductor company that is best known for its graphic processing units which are increasingly used in machine learning and AI, is also finding application in bitcoin mining. The stock has gained over 131% year to date although it declined by about -3% over the last week.
PayPal has indicated that it would allow customers to buy, hold, and sell cryptocurrencies such as Bitcoin and Ethereum directly within its PayPal and Venmo app. The stock is up by 88% this year and was down by -1% over the last 5 trading days.
Advanced Micro Devices is a semiconductor major that makes CPUs and GPUs, which are increasingly used in bitcoin mining. The stock has gained about 79% year-to-date and remained largely flat over the last 5 trading days.
CME Group the world’s largest financial derivatives exchange, also offers bitcoin futures contracts. Its stock is down by about -18% year-to-date and has a decline of about -2% over the past week.