CryptoInfoNet

Cryptocurrency News

Three Cryptocurrency-Fueled Stocks Poised for Explosive Growth This Summer

Crypto-Powered Stocks - 3 Crypto-Powered Stocks Ready To Explode This Summer

Cryptocurrency enthusiasm has fueled the success of crypto-centric stocks.

Recently, the Bitcoin value (BTC-USD) soared by 91% over the past year, driving excitement throughout the market. Concurrently, the S&P 500 leaped by 17.4% in the half-year period. Thus, making the current environment ripe for cryptocurrency investment, with alternatives like crypto-related stocks available for those averse to high volatility.

Companies within the public domain that maintain substantial cryptocurrency investments can offer a chance to partake in the digital currency boom while tempering the inherent volatility. Nonetheless, one should note that such stocks aren’t immune to fluctuations but may offer a more varied range of products that can cushion extreme volatility.

Under these optimistic market trends, several stocks appear poised for significant appreciation this summer.

Block (SQ)

Block Logo Over A Background With Former Square Logo. Sq Stock.

High on the investor watchlist, Block (NYSE:SQ)—previously known as Square—embraced blockchain fully, first by its name change and second through various cryptocurrency endeavors. Notably, Block announced a reinvestment of 10% of its Bitcoin gross profits back into the asset.

Block stands out as a favored choice in the realm of crypto-adjacent stocks thanks to robust business fundamentals. The company has reported a considerable rise in its Cash App service profits, up 25% year-over-year (YoY), contributing to a broader gross profit increase of 22% for the quarter. Block’s sizable investments in Bitcoin and its forward-looking strategy on banking and Bitcoin position it as an attractive option for cryptocurrency stock investors this summer.

Robinhood (HOOD)

Hood Stock: An Image Of A Wallet With A Coin In It, A Cellphone On Top Depicting Robinhood Logo. Robinhood Crypto

With a 110% increase in the past year, Robinhood (NASDAQ:HOOD) has resonated with users due to its easy-to-use, zero-commission policy. Its platform includes various assets, notably a sizable cryptocurrency lineup. The company’s growth trajectory has been stellar, marked by significant crypto revenue increases in its first quarter.

Robinhood has now boosted its offerings through the integration of Pluto, an AI-backed research platform, enhancing user experiences and trading strategies, underlining its commitment to making finance accessible to everyone.

With its expanding AI-powered crypto trading tools and broadened financial services, Robinhood is expected to continue achieving remarkable gains.

CME Group (CME)

An Electronic Display Shows The Word Options Next To An Upward Green Triangle. Cme Stock

A top futures market player, CME Group (NASDAQ:CME), offers several trading options including agricultural goods, energy, currencies, and cryptocurrency futures. Poised to thrive on cryptocurrency enthusiasm, CME is exploring additional Bitcoin trading facilities.

CME’s earnings reports showcase its significant growth prospects, surpassing expectations with a 3% YoY revenue increase to $1.5 billion, bolstered by a rise in transaction fee revenue. As CME aims to continue its success in the next quarter, it has garnered positive outlooks from analysts, including a buy rating from Citi (NYSE:C). With a strong core business and burgeoning crypto ventures, CME stands at the forefront of crypto-influenced stocks.

The content presented is as of the date of writing and may differ from current data. Opinions expressed are those of the author, in accordance with InvestorPlace.com’s Publishing Guidelines.

No position in the securities mentioned was held at the time of publication by the author or the editing team.

Divya Premkumar brings a background in finance and accounting with experience in FP&A roles across Fortune 500 companies. She enjoys delving into stocks, crypto, blockchain, and policy matters.



Source link

#CryptoPowered #Stocks #Ready #Explode #Summer

Leave a Reply

Your email address will not be published. Required fields are marked *