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Best Stocks To Buy Now? 4 Blockchain Stocks To Know

The blockchain industry continues to make headlines, could these blockchain stocks continue to flourish because of that?

blockchain stocks

Are These Top Blockchain Stocks Worth Investing In This Week?

Amidst all that is happening in the stock market today, investors may want to consider looking at blockchain stocks. Chances are, seasoned and new investors alike would be somewhat familiar with this group of stocks. This would be the case seeing as blockchain technology remains a hot topic of discussion among investors now. From surging cryptocurrency prices to the current hype around non-fungible tokens (NFTs), investor interest continues to grow.

In fact, blockchain stocks could arguably be among the most active stocks today, even rivaling wallstreetbets stocks. Speaking of wallstreetbets, page founder Jaime Rogozinski is jumping into the blockchain business. Namely, Rogozinski launched a blockchain-powered app featuring exchange-traded portfolios. As these two worlds seem to be colliding, could blockchain stocks be looking at a Reddit-fueled tailwind?

Well, if anything, blockchain technology continues to gain momentum in the business world. Evidently, eBay (NASDAQ: EBAY) and software giant Palantir (NYSE: PLTR) are two of the latest adopters of tech. According to a company blog post yesterday, eBay is now allowing the sale of NFTs on its platform. Meanwhile, Palantir CFO, David Glazer, mentioned that the company is contemplating holding Bitcoin on its balance sheet. Not to mention, leading fintech companies such as PayPal (NASDAQ: PYPL) are granting consumers access to blockchain technology as well. Across the board, blockchain appears to be the new and exciting frontier on several fronts. Could one of these blockchain stocks be your next big stock market investment?

Best Blockchain StocksTo Buy [Or Sell] In May

NVIDIA Corporation

First up today is the Nvidia Corporation. Most tech investors would be familiar with the California-based multinational tech company. Nvidia primarily designs graphics processing units (GPUs) and system-on-a-chip tech. Notably, Nvidia’s core end markets include the gaming, mobile computing, automotive, and cryptocurrency mining industries.

Source: TD Ameritrade TOS

In particular, Nvidia offers specific GPUs designed for cryptocurrency mining professionals. Given the versatility of the company’s products, NVDA stock would be an all-around viable tech stock for investors now. With NVDA stock taking a breather from its all-time high seen last month, should investors be buying on the dip?

For the most part, Nvidia does not seem to be slowing down one bit. While demand for its wares continues to surge from both the gaming and crypto-mining markets, the company continues to innovate. Yesterday, Nvidia announced new devices across its portfolio and launched a new bit of gaming software. To begin with, the company unveiled a new wave of gaming laptops, flaunting its latest GPUs. This was followed by the reveal of new collaborative laptops with the likes of Dell (NYSE: DELL) and other consumer hardware names. On top of all that, Nvidia GPU owners now have access to GeForce NOW, powering optimal cloud gaming experiences. Could all this make NVDA stock a buy right now?

[Read More] Cheapest Robinhood Stocks To Buy? 5 For Your List

Marathon Digital Holdings

Another top blockchain stock to note now would be Marathon Digital Holdings. For the uninitiated, Marathon is a blockchain tech company that mines cryptocurrencies. In detail, the company operates with a focus on the blockchain ecosystem and the generation of digital assets. As it stands, Marathon currently owns over 2,000 advanced Application Specific Integrated Circuit (ASIC) Bitcoin Miners in its flagship facility. More importantly, MARA stock is now sitting on mind-blowing gains of over 4,000% in the past year. Would the company’s shares have more room to run moving forward?

Source: TD Ameritrade TOS

We could turn to its recent quarter fiscal to get a clearer picture here. Earlier this week, Marathon reported a total revenue of $9.2 million for the quarter. This marks a year-over-year surge of over 1,400%. Furthermore, Marathon also became the first North American enterprise Bitcoin miner to adhere to anti-money laundering (AML) and the U.S. Department of the Treasury Office of Foreign Asset Control’s (OFAC’s) standards.

CEO Fred Thiel had this to say, “2021 is lining up to be a banner year for Marathon as we are transforming our business into one of the largest enterprise Bitcoin mining operations in North America.” For one thing, Marathon adhering to regulatory standards would set it apart from the competition. In turn, this could bolster investor sentiment for MARA stock now. Would you agree?

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Riot Blockchain Inc.

Following that, we have Bitcoin mining company, Riot Blockchain. According to Riot, the company is constantly expanding and upgrading its mining operations. It is doing so by securing the most energy-efficient miners available. Through its current strategy, Riot is looking to become one of the largest, low-cost producers of Bitcoin in North America. As with most of its peers in the cryptocurrency mining industry, RIOT stock has seen massive gains of over 1,600% in the past year.

Source: TD Ameritrade TOS

However, the company’s shares are noticeably down from its all-time high seen back in February. Accordingly, this could be the case as Bitcoin appears to be cooling off slightly. It would not surprise me to see investors eyeing RIOT stock amidst its current weakness.

After all, the company appears to be kicking into high gear on the operational front right now. Earlier this week, Riot announced that it had nearly doubled its Bitcoin production in April year-over-year. Year-to-date, the company has produced 697 bitcoins, up 79% from production compared to year-ago figures. Moreover, Riot will also be receiving and installing additional Bitcoin miners by the end of Q2 2021. Safe to say, the company appears to be firing on all cylinders right now. Would you consider adding RIOT stock to your portfolio because of this?

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Amazon.com Inc.

Next, we will be looking at one of the biggest names in tech, Amazon. Indeed, some may be surprised to see that Amazon is also venturing into this field now. Well, the company is reportedly doing so via its world-leading cloud computing platform, Amazon Web Services (AWS). This would be another factor that could contribute to AWS’s further growth in the foreseeable future.

Source: TD Ameritrade TOS

For the most part, AWS is already delivering impressive figures. In the company’s recent quarter fiscal, the cloud computing division brought in $13.50 billion in quarterly revenue. Additionally, AWS also contributed to over 46% of Amazon’s overall operating income for the quarter. I could see its latest cryptocurrency-related play boosting AMZN stock further.

To explain, AWS has reportedly rolled out a new solution dedicated to mining the recently launched Chia cryptocurrency in China. According to a post from the AWS Chinese site, users can now deploy a cloud-based storage system to mine the digital currency on its native network. Time will tell if this venture can benefit Amazon in the long run. With all this in mind, could AMZN stock be worth investing in now?

By Jonathan Phillip

Jonathan Phillip is an up and coming financial contributor in the stock market today. He's found a strong niche in writing about true growth industries. His main focus for the last 5 years has been on the cannabis industry and marijuana stocks. He is one of the top contributors to cannabis media outlets like MarijuanaStocks.com. He also is head of social media management for StockMarket.com.

Since an early age, Jonathan has been an active member of the cannabis culture. Coming from Miami, Florida, he's been able to identify emerging trends in the space including the emergence of cannabis derivatives, vapes, e-liquids, wax, and more. His ability to identify emerging niches has afforded him the ability to source valuable information from top industry names.

Jonathan has also managed to build a strong social media presence for companies. He has worked with hundreds of public companies to develop a digital presence. As an active blogger and social media influencer, his focus is on lifestyle segments of the market. You can find Jonathan reporting on anything from industry conferences and investor events to corporate disclosures and cannabis market movers.

Since the early days of marijuana companies going public, Jonathan has made it a point to find information before the crowd. The main target of his writing is on undiscovered or under-researched companies that could hold true, lasting market potential. Through his research, Jonathan has managed to be one of the early writers to identify the opportunity of cannabis over other things like alcohol and he was one of the first reporters to cover the multi-billion dollar deals that materialized in 2017 and 2018. He has also covered the emergence of multi-state operators in the U.S. after Canada paved the way in late 2018 and 2019 for legalization in North America.

Jonathan is also an active member of the underground hip-hop scene. He has worked with some of the biggest names in the rap community while also gaining valuable insight from top producers and business moguls focused on moving brands forward. In his free time, Jonathan builds social communities and continues to hone his skills as a leading financial writer.

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