The blockchain technology that underpins Bitcoin (BTC) and other cryptocurrencies may have far-reaching uses outside the cryptocurrency industry.
Many corporations across the globe are optimistic about the potential of blockchain technology as a secure means of doing business and sharing data. Stocks issued by such entities allow investors to obtain exposure to the emerging cryptocurrency market without having to purchase Bitcoin or other cryptocurrencies directly.
It’s worth noting that not all blockchain stocks are cryptocurrency stocks. Some blockchain stocks are crypto exchanges or Bitcoin miners, while others are huge financial institutions or well-established technological businesses working on blockchain technology.
That being said, here are five popular blockchain stocks worth keeping an eye on for investment for April 2023 as we come to the end of Q1 2023.
Coinbase (NASDAQ: COIN)
Coinbase is a popular cryptocurrency exchange that allows users to buy, sell, and store various cryptocurrencies. The company went public in April 2021, and its stock has since been available for trading on the open market. The stock has experienced significant price fluctuations since its initial public offering.
As with any stock, the value of Coinbase’s stock can be influenced by various factors such as market trends, company performance, and investor sentiment. Since the start of 2023, COIN stock is up +30.56 (90.95%) year to date, currently changing hands at $64.16, benefitting from the climb in Bitcoin price in 2023.
COIN has been assigned a recommendation of ‘neutral’ by most analysts working on Wall Street. Significantly, 9 analysts of the 28 have recommended a “strong buy.” Eleven analysts had given a ‘hold’ rating, two a ‘sell,’ and six a ‘strong sell.’
The average price projection for COIN stock for the next 12 months is $70; this objective represents a 9.1% upside from its current price. It’s interesting to note that the maximum price forecast for the next year is $200, representing a gain of 211.72% from the stock’s current price.
Robinhood (NASDAQ: HOOD)
Robinhood stock went public in July 2021 and is a stock and cryptocurrency trading platform that offers commission-free trading for stocks, options, and cryptocurrencies. While Robinhood does not specialize in blockchain technology, it provides the ability to trade various cryptocurrencies, including Bitcoin, Ethereum (ETH), and Dogecoin (DOGE).
However, it’s important to note that Robinhood is not a blockchain stock. Instead, it is a technology company that offers an online trading platform with the ability to trade cryptocurrencies.
Overall, Robinhood’s business model focuses on providing easy access to financial markets and investing opportunities rather than on blockchain technology. Since the start of the year, HOOD is up +$1.38 (17.08%), changing hands at $9.46.
On Wall Street, Robinhood has been assigned a ‘neutral’ recommendation. Four analysts of the 14 have recommended a “strong buy,” while seven have advocated a “hold.” One analyst has given a ‘sell’ rating and two a ‘strong sell.’
The average price projection for HOOD stock for the next 12 months is $12.25; this objective represents a 29.49% upside from its current price. It’s interesting to note that the maximum price forecast for the next year is $25, representing a gain of 164.27% from the stock’s current price.
PayPal (NASDAQ: PYPL)
PayPal Holdings, Inc. is a digital payment platform that has also integrated cryptocurrency into its business. In 2020, PayPal allowed its users to buy, hold, and sell Bitcoin and other cryptocurrencies directly from their PayPal accounts.
As things stand, Paypal is -$0.19 (-0.25%) year-to-date, although it is up +2.47 (3.43%) over the past five days trading at $74.39.
In the past three months, PayPal has been given a consensus ‘strong buy’ rating based on 48 analysts’ ratings. The average price target for the stock is $98.97, which is a 33.04% increase from the stock’s current price.
NVIDIA (NASDAQ: NVDA)
NVIDIA Corporation is a technology company that produces graphics processing units (GPUs) and other computer hardware. Its GPUs are popular among cryptocurrency miners, who use them to solve complex mathematical equations and earn cryptocurrency rewards. Nvidia is currently trading at $273.83, +$130.68 (91.29%) year-to-date.
Elsewhere, Nvidia has been given a ‘buy’ consensus rating from a collective of 47 Wall Street analysts ratings for the company based on its performance over the last three months. NVDA stock has an average price target for the next 12 months at $275.82, a slight rise on its current price of just 0.73%.
Riot Blockchain (NASDAQ: RIOT)
Riot Blockchain, Inc. is a company that focuses on cryptocurrency mining and the development of blockchain technologies. Its primary focus is on Bitcoin mining, and the company has invested heavily in Bitcoin mining hardware and infrastructure.
Since the start of 2023, RIOT is up +$5.77 (171.22%) year-to-date, trading at $9.14 at the time of publication.
Interestingly 9 out of 10 analysts who have given ratings for RIOT have given the stock a ‘strong buy’ rating, with the only other stock market expert giving the company a ‘hold’ rating.
Notably, for the next 12 months, the stock has an average price target of $9.38, up 2.57%.
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