One of the most wildly uncertain macro environments has resulted in the entire stock market tumbling to start the beginning of the year. And it has resulted in a stuttered start to the year for most assets.
And that includes Bitcoin and other cryptocurrencies.
Last year, Elon Musk and China's ban on mining caused Bitcoin and the entire cryptocurrency market to experience a massive sell-off.
And the beginning of this year has been no different than it ended. Publicly traded crypto stocks fell along with the rest of the market.
Now, I am not certain when these stocks will recover. We might be about to experience another month or two of winter before we have any sort of recovery due to the macro environment surrounding us.
But right now is an excellent moment to get some bargain blockchain stocks.
As a result, we'll be unveiling three of our favorite picks.
Marathon Digital Holdings (MARA) is a digital asset technology business that mines cryptocurrencies with a focus on the blockchain ecosystem and digital asset development.
MARA stock has been volatile as the price of Bitcoin has fluctuated significantly.
But the fundamentals and technical analysis show that buying MARA stock now is a good idea.
Let’s start with the fundamentals…
In the third quarter of 2021, Marathon Digital came out with earnings of 85 cents per share. This compared to a $0.06 loss per share the year before and beating the Zacks Consensus Estimate of $0.48 per share by a wide margin.
Marathon's net income was $85.4 million.
Sales were $51.7 million, up about 6,192% from the same 3-month period last year.
As of Q3 2021, the company reported having $32.9 million in cash and cash equivalents.
Their total assets were $555 million, including the value of their 7,035 Bitcoins.
Because stock values are so tightly linked to Bitcoin prices, they've been on a wild ride.
MARA shares were trading at $10 at the start of 2021. The stock rose to a high of $57.75 as Bitcoin rose in value.
Today the company trades around $13. This is a steep discount for a company with tons of infrastructure and a top line soaring thousands of percentage points in each of the last two years.
Riot Blockchain, Inc. (RIOT) is a Bitcoin mining startup (worth about $1 billion) based in the United States that is rapidly increasing industrial scale mining to support the Bitcoin blockchain.
The company is constantly working to grow its operations by boosting the hash rate of bitcoin mining while lowering production expenses.
Riot believes that future bitcoin mining operations in the United States will help the industry, and it aspires to be a part of that future.
Riot Blockchain Inc. (RIOT) stock has come down quite a bit in price with the rest of the market over the course of the last year.
That's compared to just 40% for the S&P 500. And the average rating from Wall Street analysts is a “Strong Buy.”
Take advantage of the recent crypto volatility and “buy the dip” on RIOT stock.
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