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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Using TipRanks’ tools, we have identified three stocks with “Strong Buy” ratings from analysts and more than 150% upside potential over the next twelve months.
Here are this week’s stocks:
Canaan (CAN) – Canaan is a Singapore-based technology company engaged in ASIC high-performance computing (HPC) chip design, chip research and development, computing equipment production, and software services. Over the last three months, four Wall Street analysts covering CAN stock rated it a Buy, while one analyst rated it a Hold. Combined, their 12-month average Canaan price target indicates an upside of about 228%. Unfortunately, CAN stock has lost nearly 60% year-to-date.
Hive Digital Technologies (HIVE) – HIVE Digital is a Canadian Bitcoin mining company with renewable energy-powered operations in Canada, Sweden, and Paraguay. The company also specializes in building advanced data centers and HPC infrastructure projects. In the last three months, all six Wall Street analysts covering HIVE stock have rated it a Strong Buy, with their 12-month average HIVE Digital price target indicating an upside of about 217%. However, HIVE stock has lost 20.5% 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 four Wall Street analysts covering BITF stock rated it a Strong Buy. Combined, their 12-month average Bitfarms price target indicates an upside of about 159%. Unfortunately, BITF stock has lost nearly 21% year-to-date.
View real-time prices of various cryptocurrencies, discover the latest developments in the sector, and research crypto-related stocks on TipRanks’ Cryptocurrency page.