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:
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, five 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 170%. Unfortunately, CAN stock has lost nearly 56% year-to-date.
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 four 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 152%. Year-to-date, DEFT stock has lost 23.5%.
Hive Digital Technologies (HIVE) – HIVE Digital is another 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 five 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 113%. Notably, HIVE stock has surged nearly 34% 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.