Looking For The Best Cryptocurrency Stocks To Watch Right Now? 4 Names To Know
If you have been keeping up with the news, you would know that cryptocurrency stocks are hot right now. The poster child of cryptocurrencies is, of course, Bitcoin. Since 2021 kicked off, the digital currency has been gaining a lot of traction as it soared past the $30,000 and $40,000 marks in a matter of days. After a dip in price, Bitcoin has been rejuvenated yet again as Tesla (NASDAQ: TSLA) made a $1.5 billion investment in Bitcoin earlier this month. This resulted in Bitcoin jumping to new all-time highs breaking $50,000 on Tuesday. Throughout all of this, investors looking for pick-and-shovel plays on Bitcoin have been flocking towards the top cryptocurrency stocks to watch now.
For example, look at Bitcoin mining companies such as Riot Blockchain (NASDAQ: RIOT) and Marathon Patent Group (NASDAQ: MARA). Both companies have seen their share prices surge just this year. With gains upwards of 200% year-to-date, it would be normal to see investors looking for upcoming cryptocurrency stocks. Not to mention, even some of the bigger banks are looking towards Bitcoin now. Over the weekend, there was mention of a $150 billion investment arm of Morgan Stanley (NYSE: MS) considering investing in the cryptocurrency. Likewise, JPMorgan Chase (NYSE: JPM) co-president Daniel Pinto said this about Bitcoin last Friday, “The demand isn’t there yet, but I’m sure it will be at some point.” If all this has got you keen on looking for the best cryptocurrency stocks now, take a look at these four.
Top Cryptocurrency Stocks To Watch
- Mastercard Inc. (NYSE: MA)
- MicroStrategy Inc. (NASDAQ: MSTR)
- PayPal Holdings Inc. (NASDAQ: PYPL)
- Future Fintech Group Inc. (NASDAQ: FTFT)
To start things off, we will be looking at financial services veteran, Mastercard. For the uninitiated, it is a leader in global payments that caters to billions of consumers daily. Similar to other fintech companies, Mastercard has been in focus of late thanks to the rise of Bitcoin. In fact, MA stock appears to have recovered to its pre-pandemic levels. Despite its current valuation, investors could have more reason to keep MA stock on their watchlists. This is on account of the company making a huge announcement just last week regarding cryptocurrency transactions.
On February 10, the company revealed that it would begin supporting select cryptocurrencies on its payment network. As most would expect, this is a sound play by the company as the general adoption of cryptocurrencies is on the rise. Even before this, Mastercard has been taking note of its customer’s activities relating to digital currencies.
Admittedly, the company reported back in June 2020 that customers were already using its debit cards in crypto asset-related transactions. In the announcement, the company mentions that consumers can begin transactions in cryptocurrency this year. Given Mastercard’s momentum coming out of 2020, this could provide another means of long-term growth for the company. Time will tell if this will be the case for MA stock as well. Regardless, do you think it is worth watching?
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Following that, we have MicroStrategy. The company provides business intelligence, mobile software, and cloud-based services. No doubt, its core enterprise intelligence offerings do place the company in a high-demand market now. With countless organizations looking to make sense of their data in this age, MicroStrategy could be looking at continued growth.
But, that’s not all. It has also been on investors’ radars seeing as it was one of the early adopters of Bitcoin as a corporate reserve asset. As a result, MSTR stock is currently looking at gains of over 580% in the past year. Despite these gains, the company seems to have more plans to bank in on the cryptocurrency hype.
In detail, the company put up job postings on LinkedIn last Friday for a Blockchain Data Analyst and Blockchain Data Engineer. It also explained that the positions would entail “building analytical platforms with advanced metrics and insights for Bitcoin.” All in all, it seems that MicroStrategy is looking to build a blockchain analytics team. Should things go as planned, a Bitcoin-focused software service could come in handy as more large organizations continue to invest in Bitcoin. In turn, for investors, MSTR stock could present an interesting opportunity right now. Would you agree?
PayPal Holdings Inc.
Another cryptocurrency stock in the limelight now would be PayPal. This is because its services provide customers with alternative electronic payment methods compared to conventional paper money. By and large, this has benefited the company throughout the pandemic where digital payments have become a new norm. Accordingly, PayPal has also been keeping up with its immense growth throughout the year as well.
In its recent quarterly earnings call earlier this month, CEO Dan Schulman said that PayPal has “released more products and services in 2020 than in any previous year, and will step up that pace in 2021.” With gains of over 240% since the March lows, could PYPL stock be looking at another solid year ahead?
For one thing, PayPal does not seem to be slowing down anytime soon. During its Investor Day event last Thursday, the company announced that it would be expanding its crypto services to customers in the U.K. According to executive chief strategy officer Jonathan Auerbach, the expansion will likely take place within the year. The company also mentions the massive success of its crypto offerings in the U.S. since it launched in October 2020. With such impressive expansion plans, PayPal seems more than ready to facilitate the growing adoption of cryptocurrency. Could this lead to PYPL stock soaring to new heights? Your guess is as good as mine.
Future Fintech Group Inc.
Future Fintech is a leading developer of blockchain tech and related applications. Particularly, the Chinese company focuses on the development of blockchain-based e-commerce tech and financial tech. It also has blockchain-focused operations in the form of an online shopping mall platform, a digital payment system, and a cross-border e-commerce platform. Given all the buzz around Bitcoin now, FTFT stock has skyrocketed by over 500% year-to-date. On top of that, the company continues to find ways to better monetize its blockchain technology expertise.
Early last Friday, Future Fintech announced that its online shopping mall platform, Chain Cloud Mall (CCM), entered into a cooperation agreement. Namely, the company will be collaborating with the China Foundation of Consumer Protection to battle counterfeit products via the Responsible Brand Plan. Through this five-year operation, CCM will be responsible for building a quality and safe credit system for Chinese enterprises.
General manager of CCM Mr. Zhi Yan said, “The Responsible Brand Plan will make full use of the real name-based blockchain anti-counterfeiting tracing technology developed by CCM, which will not only protect the legitimate rights and interests of the enterprises and their brands but also impose responsibility for their product’s quality and safety.” As the company continues to flex its blockchain expertise, could FTFT stock continue to flourish this year?