Bitcoin Price Surge Post-Election
Since election day, the price of Bitcoin has seen a significant uptick. This surge has also impacted the value of certain crypto-related stocks, indicating a promising trend in the market.
Three Crypto-Related Stocks to Watch
These three stocks are heavily involved in the cryptocurrency space and are well-positioned for potential growth in the near future.
1. Coinbase Global
Coinbase Global (NASDAQ:) is a leading cryptocurrency trading exchange with a strong reputation in the industry. The company’s financial performance has been impressive, showing growth in revenue and net income year-over-year.
- Revenue climbed 81% in the third quarter to $1.13 billion.
- Transaction revenue accounted for about $572 million of the total.
- The stock price has surged by 85% YTD, with a recent spike of over 60%.
2. Marathon Digital
Marathon Digital (NASDAQ:) is a digital asset company specializing in Bitcoin mining. With the expected surge in Bitcoin prices, Marathon is positioned to benefit from this trend.
- The company reported its best month for Bitcoin production in October.
- The stock has seen a 60% increase since election day.
- MARAs P/E ratio is currently at 27, making it an attractive investment option.
3. BlackRock
BlackRock (NYSE:) is the world’s largest asset manager and holds a significant amount of Bitcoin through its iShares Bitcoin Trust. While not solely a crypto stock, BlackRock’s exposure to Bitcoin and Ethereum positions it to benefit from the rise in cryptocurrency prices.
- The iShares Bitcoin Trust is the largest spot Bitcoin ETF.
- BlackRock also offers the iShares Ethereum Trust ETF.
- Investors should approach crypto investments cautiously and consider diversification.
It is essential for investors to stay informed and monitor these stocks closely as the cryptocurrency market continues to evolve.
Original Post: ValueWalk
Analysis
The surge in Bitcoin prices post-election has had a ripple effect on the crypto-related stocks mentioned in the article. These stocks have shown significant growth potential due to their involvement in the cryptocurrency space.
Investors should consider the following key points:
- Coinbase Global has demonstrated strong financial performance and is a trusted player in the industry. Its recent stock price surge indicates investor confidence in its future growth.
- Marathon Digital’s focus on Bitcoin mining positions it well to benefit from the expected surge in Bitcoin prices. Its relatively low P/E ratio makes it an attractive investment option.
- BlackRock, as the world’s largest asset manager, offers exposure to Bitcoin and Ethereum through its iShares funds. While not purely a crypto stock, BlackRock’s diverse portfolio provides a more stable investment option for those interested in the crypto market.
As the cryptocurrency market continues to evolve, it is crucial for investors to stay informed, exercise caution, and consider diversification when exploring investment opportunities in this space.