Despite the battering that cryptocurrencies and crypto stocks like Marathon Global (NASDAQ:MARA) and Silvergate Capital (NYSE:SI) took, there are signs of recovery afoot. Both stocks saw impressive gains with today’s trading, though Marathon shares gave some of those gains back in after-hours trading.
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The reason behind the gain? Some might suggest a bit of a halo effect around Coinbase (NASDAQ:COIN) and its recent settlement with New York regulators. That move should free up the company to better operate and put more life into crypto trading. Others point out the recent upward moves in cryptocurrency itself. Still, more look to Riot Platforms (NASDAQ:RIOT), formerly Riot Blockchain, which changed its name in an effort to rebrand itself and diversify.
There’s even the possibility that new competitors are giving the market new life. Applied Digital—formerly Applied Blockchain—is making some exciting moves by offering long-term contracts for data center access for current cryptocurrency miners. That may offer fresh hope for investors that the crypto market isn’t completely over with yet.
Wall Street is reasonably enthusiastic about the state of cryptocurrency as well. Analyst consensus calls Riot Platforms a Strong Buy, while Silvergate Capital is considered a Moderate Buy. Riot Platforms stock has a hefty 178.09% upside potential, thanks to its average price target of $10.79 per share. Meanwhile, Silvergate Capital’s average price target of $46.67 allows the stock an upside potential of 112.62%.
