While investors try to find a middle ground between rising inflation and a potentially strong earnings season, cryptocurrency stocks shine. By and large, a notable piece of stock market news today would be surrounding Bitcoin. Namely, the first Bitcoin futures exchange-traded fund (ETF) is set to begin trading on the New York Stock Exchange tomorrow under the ticker ‘BITO’. If anything, this would be a timely debut for the industry as a whole, given Bitcoin’s current momentum. The digital currency has mostly held steady over the $60,000 mark throughout the weekend.
As a result of all this, companies that have invested heavily in Bitcoin continue to prosper. With the hype around the upcoming ETF launch, MicroStrategy (NASDAQ: MSTR) is one such company. According to MicroStrategy’s calculations, it has more than doubled its investments in Bitcoin. This is evident as its initial investment of $3.16 billion into the cryptocurrency is now worth $6.7 billion. Furthermore, even fintechs such as Square (NYSE: SQ) are looking to further expand into this booming market. Simply put, Square CEO Jack Dorsey revealed plans to create a Bitcoin mining system. With all that said, you may want to check out these top cryptocurrency stocks in the stock market today.Best Cryptocurrency Stocks To Watch This Week
- Robinhood Markets Inc. (NASDAQ: HOOD)
- Riot Blockchain Inc. (NASDAQ: RIOT)
- Coinbase Global Inc. (NASDAQ: COIN)
- Marathon Digital Holdings Inc. (NASDAQ: MARA)
- PayPal Holdings Inc. (NASDAQ: PYPL)
Robinhood is a fintech company that is known for pioneering its commission-free exchange platform. The company continues to make its trading platform accessible to all as people can invest with no account minimums and also trade crypto.
Furthermore, it continues to let users learn about investing through its easy-to-understand educational content. The company will announce its third-quarter financials on October 26, 2021, after the market closes. HOOD stock currently trades at $40.70 as of 3:58 p.m. ET and is up by over 15% since its IPO in July.
In late September, the company announced that it will be launching crypto wallets. The company says that starting in October, some customers will be able to begin testing crypto wallets on Robinhood. These users will be able to send, receive, and move cryptocurrencies in and out of the company’s app. This move comes as cryptocurrency makes up an increasingly large part of Robinhood’s revenue. Given this piece of news, should you consider putting HOOD stock on your watchlist?
Read MoreRiot Blockchain Inc.
Next up, we have Riot Blockchain, a company that focuses on Bitcoin mining, and through Whinstone, it’s subsidiary for hosting Bitcoin mining equipment for institutional clients. The company continues to expand and upgrade its mining operations to be as efficient as possible. In essence, it does this through its industrial-scale infrastructure development and latest-generation miner procurement. RIOT stock currently trades at $29.88 as of 3:58 p.m. ET and is up by over 7% on today’s opening bell.
On October 5, 2021, the company gave a September production and operations update. Diving in, the company produced 406 BTC, an increase of approximately 346% compared to a year ago.
Impressively, its year-to-date production totaled 2,457 BTC, an increase of 236% year-over-year. Also, its deployed fleet has a hash rate capacity of 2.6 exahash per second with approximately 25,646 miners in operation. All things considered, is RIOT stock a top crypto stock for investors to keep an eye out for right now?Coinbase Global Inc.
Moving on, we have Coinbase, a cryptocurrency exchange platform that is used by over 65 million users all over the world. Firstly, with its trusted and easy-to-use platform, the company offers its users access to the broader crypto-economy. Secondly, it has assets of over $180 billion on its platform and has a presence in over 100 countries. COIN stock currently trades at $294.24 a piece as of 3:58 p.m. ET and is up by over 20% in the past month alone.
In August, the company reported a strong second quarter as it saw growth and diversification across its platform. Retail monthly transacting users grew to 8.8 million, up by 44% from the first quarter of 2021. It also says that it has over 9,000 institutions that continue to deepen and broaden their activities in the crypto-economy.
Furthermore, the company says that it has over 160,000 ecosystem partners that utilize its crypto tools and services to engage with its own customers. It also reported a net income of $1.6 billion for the quarter. Given the impressive quarter, should you put COIN stock on your watchlist?Marathon Digital Holdings Inc.
Another name to consider among cryptocurrency stocks now would be Marathon Digital Holdings or MARA for short. In brief, MARA is a Nevada-based tech firm that primarily focuses on mining cryptocurrencies.
In fact, it is currently focused on building the largest mining operation in North America with one of the lowest energy costs. Like most other pure-play Bitcoin miners, MARA stock is another possible entry point for investors looking at the industry now. With the company’s shares currently trading at $51.31 as of 3:59 p.m. ET, could it be worth jumping on now?
Well, for one thing, MARA stock is already looking at gains of over 7% as of today’s opening bell. Aside from the current ETF tailwinds, MARA remains hard at work on the operational front as well. Earlier this month, the company provided a positive update on its Bitcoin production and mining operations. Overall, the company’s quarterly Bitcoin production skyrocketed by 91% quarter-over-quarter. With MARA seemingly kicking into high gear, would MARA stock be a top watch for you now?PayPal Inc.
PayPal is a multinational financial tech company that operates its online payments system in many countries. The company has been at the forefront of the digital payments ecosystem and continues to empower over 400 million consumers and merchants. Through its Crypto on Venmo, PayPal allows users to buy, sell, and hold crypto and allows for trades with as little as $1. PYPL stock currently trades at $270.24 as of 3:59 p.m. ET.
Last month, the company announced that it has agreed to acquire Paidy, a leading payments platform, and provider of buy now, pay later solutions in Japan for approximately $2.7 billion, principally in cash.
This acquisition will expand the company’s capabilities, relevance, and distribution in the domestic payments market in Japan, the third-largest e-commerce market in the world. With that being said, is PYPL stock worth adding to your portfolio?