The cryptocurrency sector has entered mainstream financing at a faster pace than expected. Although there is no single, unified law regulating cryptocurrencies, both investors and companies are making significant bets on the sector’s growth potential. Retail investors can also take advantage of the potential boom in the sector by investing in companies that mine digital assets or in companies that simply buy them to strengthen their treasuries.
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Using TipRanks’ tools, we have identified three stocks with “Strong Buy” ratings from analysts and more than 100% upside potential over the next twelve months.
Here are this week’s stocks:
DeFi Technologies (DEFT) – DeFi Technologies is a Canada-based fintech company that provides regulated and secure access to decentralized finance (DeFi) and digital asset markets. In the last three months, all three Wall Street analysts covering DEFT stock have rated it a Strong Buy, with their 12-month average DeFi Technologies price target indicating an upside of about 142%. However, DEFT stock has lost nearly 4% year-to-date.
Bitfarms (BITF) – Bitfarms is another Canadian bitcoin mining company, which is transitioning its focus to building and managing data center infrastructure for HPC and artificial intelligence (AI). Over the last three months, all five Wall Street analysts covering BITF stock rated it a Strong Buy. Combined, their 12-month average Bitfarms price target indicates an upside of about 140.5%. Unfortunately, BITF stock has lost nearly 20.5% year-to-date.
Bit Digital (BTBT) – Bit Digital is a digital asset platform focused on Ethereum. It operates one of the largest institutional Ethereum-staking infrastructures globally. Staking means using digital coins to help run and secure a blockchain network, earning rewards in return. Over the last three months, all four Wall Street analysts covering BTBT stock have rated it a Strong Buy, with their 12-month average Bit Digital price target indicating an upside of about 101%. Year-to-date, BTBT stock has gained 4.4%.
View real-time prices of various cryptocurrencies, discover the latest developments in the sector, and research crypto-related stocks on TipRanks’ Cryptocurrency page.