Can These Top Cryptocurrency Stocks Continue Its Bullish Trend Amid The Crypto & NFT Craze?

Cryptocurrency is on the rise again as interest in it continues to soar. In addition to this, Bitcoin prices continue to remain over $50,000, so there is certainly a lot of attention surrounding the cryptocurrency space. With that, came cryptocurrency stocks that are normally dependent on the price of Bitcoin and other major cryptocurrencies. Given the technology behind cryptocurrency, it can be a complex matter to understand for some investors. However, as some of the best crypto stocks continue to garner attention worldwide, won’t you be the least bit curious to find out about these stocks?

Companies like Nvidia (NASDAQ: NVDA) and AMD (NASDAQ: AMD) are having a hard time keeping up with the demand for their graphics processing units (GPUs). These GPUs are used to mine cryptocurrencies and have consistently been out of stock in the last few months. With soaring crypto prices, people are willing to fork out more money for mining. This in turn would send Nvidia and AMD off to another record quarter. As Bitcoin is a commodity like gold, some speculate that it could replace gold as a store of value for people who have doubts about fiat currency.

One thing’s for sure is that cryptocurrencies continue to see widespread adoption to buy goods and services. Today, for instance, Tesla (NASDAQ: TSLA) announced that it will start accepting payment in Bitcoin. Given the excitement surrounding crypto stocks, will you consider buying these 4 top cryptocurrency stocks?

Best Cryptocurrency Stocks To Watch Now

Canaan Inc.

First off, we have Canaan, a China-based computer hardware manufacturer. The company is a leading provider of supercomputing solutions, distinguished for superior cost-efficiencies and performance. It is renowned for having invented the world’s first ASIC-powered bitcoin mining machine in 2013. This radically catalyzed the growth of a computationally-advanced bitcoin mining sector. Today, Canaan is the second largest designer and manufacturer of bitcoin mining machines globally. CAN stock has been up by over 200% year-to-date and currently trades at $19.46 as of 1:32 p.m. ET.

cryptocurrency stocks to buy (CAN stock)

Last month, it announced improved revenue visibility for the year 2021. This comes as a result of attaining purchase orders totaling more than 100,000 units of bitcoin mining machines from customers in North America. A majority of these purchase orders were placed with prepayment and will occupy the company’s current manufacturing capacity entirely for the full year of 2021.

With that in place, Canaan will now enjoy a much higher degree of revenue visibility and a more precise forecast. Given the excitement surrounding the company, will you consider buying CAN stock?

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Riot Blockchain Inc.

Riot is a cryptocurrency company that focuses on bitcoin mining. Basically, it continues to support the bitcoin blockchain by participating in Bitcoin’s consensus system through proof of work mining, racing to find the next block, and building upon the chain. The company aims to be one of the largest and lowest-cost producers of bitcoin in North America. Riot has enjoyed a year-to-date growth of over 190%. The company’s stock currently trades at $47.72 as of 1:32 p.m. ET.

top cryptocurrency stocks (RIOT stock)

Earlier this month, the company provided a production and operations update to investors. In it, the company reported that it had mined 302 BTC during the fourth quarter of 2020 and 1,005 newly minted BTC during the year ended December 31, 2020. For its January 2021 update, the company saw a 23% increase in production capacity compared to December 2020.

All things considered, given the current global shortage of ASIC mining equipment has held the current network-wide hash rate at lower levels, this creates a beneficial mining environment for the company. Lastly, this could fuel growth for the company in the months to come. With that in mind, will you consider buying RIOT stock?

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SOS Limited Inc.

SOS is a company that specializes in AI blockchain as its core technology. In detail, the company provides customers with big data, trade, digital asset management, and other information technology services through its AI block technology. Also, it focuses on client big data accumulation and cloud computing. SOS’s platform is used in industries like e-commerce, health care, and finance. SOS stock currently trades at $6.30 as of 1:31 p.m. ET and has been up by over 300% year-to-date.

best cryptocurrency stocks (SOS stock)

Today, the company announced that it has taken the preliminary steps to establish a new digital asset exchange. In detail, SOS will enter into a tailor-made license to use a blockchain asset exchange software system. The company also intends to offer security and insurance services for digital assets.

Earlier this month, SOS also announced that it has successfully installed its second fleet of 5,000 cryptocurrency mining rigs. Given this new capacity, the company expects to generate over 41 BTC and 909 ETH in the first quarter of 2021. All things considered, will you buy SOS stock?

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Marathon Digital Holdings Inc.

Marathon is a digital asset technology company that mines cryptocurrencies. In detail, it focuses on the blockchain ecosystem and the generation of digital assets. IT currently operates its proprietary Data Center in Hardin MT with a maximum power capacity of 105 Megawatts. Marathon also owns 2,060 advanced ASIC Bitcoin Miners that are co-hosted in a facility in North Dakota. MARA stock currently trades at $36.83 as of 1:31 p.m. ET.

top cryptocurrency stocks to buy (MARA stock)

Last week, the company reported its fourth-quarter and fiscal year 2020 financials. To start things off, the company purchased 90,000 of the industry’s most efficient Bitcoin miners in the fourth quarter. Furthermore, the company also initiated the construction of a mining facility adjacent to its energy plant in Hardin, MT.

The company also ended the year with $216.1 million in cash. 2020 was certainly a momentous year for the company as it marked the beginning of its transition into one of the largest and most efficient Bitcoin miners in North America. Given the solid foundation to grow its business, the company will now focus on building its mining facility and bring its miners from Bitmain online. Will you consider buying MARA stock for these reasons?

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