Cryptocurrency Stocks to Buy 2024: 7 Best Crypto Stocks

Now that digital money is increasingly used in daily transactions, and large organizations and companies such as PayPal (NASDAQ: PYPL) and Mastercard (NYSE: MA) are joining the crypto culture, more and more people are thinking about investing in the currency itself or in cryptocurrency stocks.

What are Cryptocurrency Stocks?

Although stocks and cryptocurrencies have some similarities, including liquidity and speculation, they are still completely different investment assets. These are different types of securities that belong to very different parts of your portfolio.

A cryptocurrency stock is a fractional ownership interest in a publicly traded company. A shareholder becomes the owner of a certain percentage of the company, depending on the number of acquired shares. 

An investor can resell shares to other investors, earning on the difference between the price that was paid for the asset and what was received from the sale. The stock price is constantly changing, and the benefits of owning such an asset depend entirely on a particular company. It decides what dividends to pay and what rights to grant to investors. Therefore, it is important to choose a reliable company that will meet your investment expectations. The best ones are presented below.

Top 7 Cryptocurrency Stocks to Invest in

• Marathon Digital Holdings Inc. (NASDAQ: MARA)
• Robinhood Markets Inc. (NASDAQ: HOOD)
• Tesla Inc. (NASDAQ: TSLA)
• Square Inc. (NYSE: SQ)
• Coinbase Global Inc. (NASDAQ: COIN)
• Riot Blockchain Inc. (NASDAQ: RIOT)
• PayPal Holdings Inc. (NASDAQ: PYPL)

Marathon Digital Holdings Inc. 

One of the most attractive cryptocurrency investments this year is the acquisition of stocks of the mining company Marathon Digital Holdings. The company is focused on building the largest mining facility in North America with some of the lowest electricity costs. By accessing Bitcoins in their portfolios, investors do not worry about the possible difficulties associated with its storage. 

Crypto mining is unfolding by leaps and bounds, since according to the latest data, the company’s mining park already numbers 27,280 miners who have mined 7,453 BTC. However, Marathon Digital is not going to stop and plans to have a total of 103,120 miners at its disposal by Q1 2022.

An active increase in the number of miners inextricably affects the growth of income of the company itself, which means that the value of shares will increase. MARA shares are currently trading at $54.80 and are up more than 194% in 2021 alone.

When all miners are involved in Marathon Digital, the company’s annual revenue could exceed $1 billion, provided that the cost of Bitcoin is $55,000.

Robinhood Markets Inc.

Another name to consider as a potential investment target is Robinhood Markets. The American company is engaged in the provision of financial services and is known for offering its clients the possibility of commission-free trading of stocks and exchange-traded funds through its own mobile application. 

Robinhood is a FINRA regulated broker registered with the US Securities and Exchange Commission (SEC) and a member of the Securities Investor Protection Corporation (SIPC). The company’s revenue comes from three main sources: interest (earned on clients ‘cash balances), sales of information about clients’ exchange orders to high-frequency traders, and margin lending. As of 2021, Robinhood has 31 million users and its assets under custody (AUC) increased 115% to $95 billion, up from $44 billion in the third quarter of 2020. In addition, from crypto transactions alone, Robinhood generated total revenue of $233 million, a significant jump from the $5 million in the last year’s quarter.

The company has been steadily moving along a growth trajectory, but the reliability of Robinhood Markets has been shaken after a hacker hacked into the system in early November this year. As a result of the incident, the e-mail addresses of about 5 million users, the full names of 2 million users, and the complete personal information of more than 300 users were stolen. The company managed to prevent the leakage of more important customer information, but the HOOD stocks fell 26.77% in the last month. 

Among other things, the US Securities and Exchange Commission (SEC) is considering a ban on PFOF trading, which will likely lead to Robinhood starting to charge a commission on its stocks. 

The leak and a possible ban on PFOF trading, on the one hand, make Robinhood Markets less attractive for investment, but on the other hand, the current decline in HOOD stock prices may be an excellent time to buy them (with the hope that the company will again enter the growth trajectory).

Tesla Inc.

While Tesla, Inc. cannot be called a crypto company, it has consistently supported the growth of blockchain-based digital currencies. One of the founders of the company, Elon Musk, promised to resume payments in Bitcoins for the sale of cars, when at least 50% of the energy used to mine the cryptocurrency is clean.

There are several good reasons why Tesla Inc. is among the best investment properties in 2022. First, it is an idea that is about endeavoring to preserve the environment. Therefore, the shareholders of Tesla Inc. also contribute to a good cause. Secondly, it is reliable. A company of this level is unlikely to go broke or even disappear from the list of world leaders.

2020 was an unprecedented year for Tesla and its value exceeded $0.5 trillion. Following the publication of the third quarter of 2020, Tesla’s stocks on the NASDAQ rose 3.3% in one trading day. In August 2020, Tesla decided to hold a stock split after reaching a record high of more than $1,800 apiece to make them more accessible to private investors. The shares were divided in a ratio of 1:5, after which the price fell to $400, but at the time of this writing the value of one TSLA stock is already $1168.64.

At the end of December 2020, Tesla was included in the S&P 500 index (the 500 most expensive US companies listed on US stock exchanges). Against this background, the issuer’s securities continued to grow. Tesla shares are volatile, so it’s important for investors to keep their finger on the pulse.

Square Inc.

Square, Inc. Is an American technology company that develops equipment and software for receiving and processing electronic payments. Square’s customer base is characterized by a wide range of industries and business sizes, as well as a variety of geographic regions where users are located: the United States, Canada, Japan, Australia and the United Kingdom.

The company’s revenue consists of several sources: income from transactions (commission payments) – 75% of revenue; income from the sale of services – 18% of revenue; income from the sale of equipment – 2%; other income – 5%.

The main competitors of the company are: Visa Inc., PayPal Holdings, Inc., The Western Union Company and Stripe. The Competitive Advantages of Square, Inc. is a wide range of services and software provided.

At the same time, the company is one of the largest institutional sponsors of cryptocurrencies, with over $ 400 million in crypto-related investments. Square, Inc. stocks began trading on the NYSE on November 19, 2015. In early June this year, SQ shares surged more than 3% after it was announced that the company had begun considering creating and selling a hardware wallet for cryptocurrencies like Bitcoin. Over the past year, SQ stock has returned over 132% to their investors. It is also worth noting that the company does not pay dividends.

Coinbase Global Inc.

Coinbase Global, Inc. is licensed to carry out money transfers and transfers in virtual currency in all states of the United States, to conduct business in virtual currency in New York and to issue electronic money in Europe.

Today Coinbase Global, Inc. integrates directly with over 15 blockchain protocols and supports over 90 crypto assets. At the same time, the company continues to support more and more asset classes and add more products to its platform.

The issuer currently has subsidiaries in the United Kingdom, Japan, Singapore, Brazil, Germany, the Cayman Islands, the Philippines and Ireland, as well as the United States. Coinbase Global, Inc. is located in over 100 countries. These include retail users (investors), institutions (hedge funds, banking organizations, private companies, etc.), Ecosystem Partners. ¾ Coinbase Global, Inc. income formed in the US domestic market, 1/3 – in other countries.

COIN stocks began trading on April 14, 2021 on the global Nasdaq exchange, the same day that Bitcoin (BTC) reached its all-time high of $64,863.

COIN shares closed the first trading day at $328.29, providing a market cap of $85.8 billion.

The stock started at $381 and soared to a high of $429.54, after which it fell below the starting price, but still traded above the reference price of $250.

On March 31, 2021,Coinbase exchanges had over 56 million verified users, up from 43 million at the end of December 2020.

The Coinbase platform holds $223 billion worth of crypto assets, which is 11.3% of the market. More than half, $122 billion, is owned by companies rather than retail investors, reflecting growing interest from the former.

The company reported a net profit of $771 million for the 1st quarter of 2021 versus $322.3 million for the full year of 2020.

With all of the above, it should come as no surprise why Coinbase Global Inc. is ranked number one in many of the top cryptocurrency stocks rankings.

Riot Blockchain Inc.

Riot Blockchain, Inc is another Bitcoin mining company that is among the favorites of investors. In August 2021, a stake in Riot was acquired by the investment company BlackRock with assets under management in the amount of $9.5 trillion.

In September 2021, the US public mining company Riot Blockchain produced 406 BTC. The volume of cryptocurrency mined since the beginning of the year amounted to 2,457 BTC.

The figure was about 236% higher than the amount of Bitcoins mined by Riot in the first nine months of 2020.

As of September 30, the firm’s cryptocurrency reserves reached 3,534 BTC (~ $193.5 million). All coins are sourced from Riot’s own mining operations.

The company has a fleet of 25 646 Bitcoin miners with a combined hash rate of 2.6 EH / s. The number of deployed devices is slated to increase by 2,000 units by November, delivered in September to the Whinstone data center in Rockdale, TX.

Riot expects its hashrate to reach 7.7 EH / s by Q4 2022, assuming approximately 81,150 miners ordered from Bitmain are fully deployed.

Riot Blockchain, Inc. is currently trading at $34.96, down 3.36% from the previous trading day when it closed at $36.18.

Over the past year, the RIOT price has reached a high of $79.50 and a low of $6.02, which indicates a rather sharp volatility. The company claims to own $275.6 million in cash and Bitcoins in the first quarter of 2021 and has no debt.

Despite the fact that Riot Blockchain, Inc. (NASDAQ: RIOT) fell short of market forecasts for quarterly revenue and earnings per share, and an increase in total coins mined compared to the previous quarter signifies significant gains.

PayPal Holdings Inc.

Few are not familiar with the largest electronic payment system, which was founded back in 1988. Despite the heightened level of uncertainty in the global economy and fierce competition in the electronic payments niche, PayPal continues to demonstrate a robust business model and delight investors with improved operational and financial metrics in each reporting period. The corporation has significantly expanded the range of services provided by adding the ability to buy, sell and store cryptocurrencies to its PayPal Venmo e-wallet.

The PYPL stock price is $ 189.35 at the time of this writing. Over the past year, PayPal Holdings, Inc. (NASDAQ: PYPL) returned over 64% to investors. At the end of the first quarter of 2021, 143 hedge funds owned stakes in PayPal Holdings, Inc. worth $14.7 billion (NASDAQ: PYPL), up from 147 in the previous quarter for $15.9 billion.

It’s worth noting that some analysts are expressing concern about the growing aggregation of e-commerce across online shopping platforms such as Amazon.com Inc (NASDAQ: AMZN) and Shopify Inc (NYSE: SHOP), which it estimates account for about 32% of total the volume of American commerce.

Amazon no longer accepts PayPal payment service, but has agreed to accept Venmo from 2022, and Shopify Inc (NYSE: SHOP) has ambitions to build its own payments business. This company is strongly pushing its merchants to migrate to its payment platform.

Wall Street analysts estimate PayPal Holdings’ earnings per share to be 21.9% in 2021, 24.3% in 2022 and 24.6% by 2023.

Conclusion: What is the Best Cryptocurrency Stock to Buy?

It is impossible to select one cryptocurrency stock from the list. Investing in each of the seven companies is as promising as it is risky. Therefore, everyone must make their own decision based on their own research and observation of current trends, which can change so fast that the information presented above will no longer be relevant.

Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.