Many investors seek to gain exposure to Bitcoin and other cryptocurrencies through the exchange, by purchasing shares of companies involved in some way in the cryptocurrency industry.
Although the earning potential is lower on crypto stocks than by buying cryptocurrency directly, investing in cryptocurrency through the Exchange has several advantages, starting with security. Indeed, “crypto stocks” are not always pure bets on the cryptocurrency industry and can have diversified activities.
In this article, we have therefore identified 3 crypto stocks to watch for the last quarter of the year, which will, according to several analysts, be the occasion of new records for Bitcoin and other cryptocurrencies, which should greatly benefit the crypto stocks below.
Coinbase Global – A Cryptocurrency Broker Share
Coinbase Global, a leading cryptocurrency exchange, made its IPO debut in April 2021.
Although we can see a clear correlation between the price of Bitcoin and Coinbase, and it must be recognized that increases in Bitcoin attract new customers, it is important to note that Coinbase’s profits are much more dependent on the market. market volatility than its direction.
Indeed, the company receives a commission for each crypto trade. However, the trading activity is just as intense during the phases of the bearish market as during the increases.
Analysts’ opinion for Coinbase stock
Regarding the opinion of professional analysts for Coinbase stock, there are 12 analysts who recommend buying, and only 1 who advises selling. Importantly, analysts’ average price target for Coinbase implies a upside potential of more than 50% compared to the current price.
Hut 8 Mining – A Bitcoin Mining Share
A more direct way to bet on Bitcoin through the exchange is to buy Bitcoin mining stocks. One of the most popular is Hut 8 Mining, based in Canada. Instead of selling the bitcoins it mines on the market, Hut 8 Mining maximizes returns for shareholders by lending them and cultivating returns, benefiting from compound interest.
In addition, investors can be assured that the company will not be involved in any environmental issues related to this practice. Hut 8 Mining indeed uses a mixture of wind, solar and natural gas sources for its electricity with ten-year leases, which guarantees the sustainability of its operations.
Analysts’ opinion for Hut 8 Mining stock
Only 3 professional analysts follow the Hut 8 Mining stock, but they all post a buy recommendation. In addition, their average goal implies a potential gain of more than 26% compared to today’s Hut 8 Mining price.
Nvidia: The Leader in Crypto Mining Hardware
Chipmakers like Nvidia don’t deal directly with cryptocurrencies, but the graphics processors (GPUs) they make are widely used in crypto mining. Best known for powering high-end video game graphics, GPUs now enable compute-intensive applications like data centers, artificial intelligence, and cryptoasset creation.
Cryptography and blockchain creation requires immense computing power, and GPUs are well suited for this task. In 2018, the cryptocurrency price explosion was one of the driving forces behind the rise in Nvidia and AMD’s stock prices, as cryptocurrency miners flocked to GPUs for this task. Moreover, Nvidia even launched a new range of chips specifically intended for cryptocurrency mining in early 2021.
Analysts’ opinion for Nvidia stock
Out of 25 professional analysts who follow NVIDIA stock, an overwhelming majority of 23 recommend buy, while 1 recommends keeping, and 1 has a negative opinion. Moreover, their average price target is more than 15% above the current price of action.