21 March 2024
6 Best Crypto Stocks to buy in 2022
The Cryptocurrency market had a turbulent year in 2021, with Bitcoin, the most popular digital token on the planet, setting repeated all-time highs and attracting significant institutional interest as a hedge against inflation. During the summer, though, the currency hit new lows, owing to an overall slowdown in the industry. As the US government contemplates regulating the industry to further mainstream it, Dave Abner, a senior executive at Gemini, a large Crypto exchange, has dubbed this year a “breakthrough” year for Blockchain technology.
With over 8,000 Cryptocurrencies, there’s a reason why investors' interest is booming. Cryptos may be a rewarding method to build wealth, particularly for new investors who want to own assets for the long run. The rewards aren’t certain, though, because the Crypto market is extremely volatile, forcing several investors to reconsider. Because the Crypto industry is still very new some of the large price fluctuations witnessed in various coins might be explained by this. Although this amount of volatility is a risk element, you should still consider investing in digital assets. Thankfully, there seem to be several methods to obtain exposure to numerous digital assets without investing directly in a single currency. One approach to get indirect exposure to Cryptos is to purchase stocks that engage with Blockchain technology or directly invest in Crypto assets.
Here are some of the greatest Cryptocurrency stocks to buy right now to help you get the most of your profit in 2022.
1. AMD (NASDAQ:AMD) :
AMD stands for Advanced Micro Devices. Bitcoin is mined using ASICs, which are high-end customized hardware packages that execute only one function: mining BTC. The Creators of newer Cryptocurrencies like Ethereum and Dash wanted to make it so that everyone could mine Cryptocurrencies, not just centralized mining facilities with specialized hardware in parts of the world with cheap electricity
They altered their hashing algorithms so that anybody with a contemporary computer and graphics card, such as AMD or Nvidia’s, could mine their currencies. Crypto miners favour AMD’s Radeon graphics cards but even though they outperform Nvidia’s in terms of hashing performance. They have greatly increased their potential market size by designing items that can be marketed to both high-end computer gamers and Cryptocurrency miners by focusing on miners. There are numerous additional reasons to admire the organization. Despite years of being unable to compete with Intel, AMD’s income is now rapidly increasing. Experts continue to raise their price expectations for stock, and the company’s financials are improving quarter by quarter.
2. Block (SQ) (NYSE:SQ) :
Block (NYSE:SQ), formerly known as Square, is the invention of Jack Dorsey, who was formerly the CEO of both Square and Twitter. He stood down as Twitter CEO to focus his efforts on Square. If you want a solid Crypto stock in 2022, this is a major deal. It's also because Dorsey is a big proponent of Cryptocurrency and has funded in BTC and other Blockchain-related technologies via Square. Web 3.0, the next development of the web, will be powered by Blockchain technology, according to Jack Dorsey. He knows a lot about Web 3.0, and he even got into a fight with certain VC giants who wanted to centralize power over what should be a decentralized version of the web. There seem to be a few more reasons why square makes sense as a Crypto stock investment, aside from having a pro-Crypto executive at the head.
One of them is that square is on a growth path, which indicates that sales and, by extension stock value will increase. Square said in August that it will purchase AfterPay, a ‘buy now, pay later’ start-up, for $29 billion. Square hopes to make it easier than ever for small companies and merchants of all kinds to offer AfterPay payment plans as a result of the transaction. Customers will be able to manage all of their payments in CashApp thanks to this connection. It’s a smart move that will certainly increase Square’s worth not only in 2022 but for several years to follow. When analyzing its technical indicators, Block makes sense as a Crypto investment to purchase right now. After a strong selloff for the larger part of Q4 of 2021, Block has begun the New Year trading near a crucial support level ($157-$160). Block (NYSE:SQ) has a decent possibility of bouncing off its current support levels, thanks to the purchase of AfterPay and the Cryptocurrency market turning a corner after a slow Q4. Block (NYSE:SQ) appears to be a good Crypto stock to purchase right now, based on a combination of technical and fundamental indications.
3. CME Group Inc. (NASDAQ:CME) :
CME Group Inc. (NASDAQ:CME) is a financial derivatives exchange that also allows users to trade Cryptos. The company’s average daily volume (ADV) increased by 14 percent year over year to 17.8 million contracts in Q3 2021. Hedge funds ranks CME Group Inc. (NASDAQ:CME) sixthsixth in the list of the top Crypto stocks to purchase. Piper Sandler raised its value objective on CME Group Inc. (NASDAQ:CME) to $230 last year in October, with an Overweight rating. CME Group Inc. (NASDAQ:CME) has returned 19.13 percent to shareholders ever since the start of the year, with the price spike 30.9 percent in 2021.
4. Coinbase Globalal, Inc. (NASDAQ:COIN) :
Coinbase Global, Inc. (NASDAQ:COIN) was just raised by Bank of America expert Jason Kupferberg from Neutral to purchase with a $340 price objective. One of the reasons for the upgrade, according to the expert, is revenue diversification trends for Coinbase Global, Inc. (NASDAQ:COIN) away from retail Crypto trading. NFTs, DeFi, and other items, according to the expert, will propel the company ahead in 2022. Coinbase Global, Inc. (NASDAQ:COIN) is the largest global Crypto exchange by value of deals here on the platform, and it’ll be one of the major beneficiaries of the surge as digital currency gets more widespread. Hedge funds are also bullish on the firm. Insider Monkey’s database shows that 50 hedge funds own $2.9 billion in Coinbase Global, Inc. (NASDAQ:COIN) is one of the companies that hedge funds are purchasing, along with Mastercard Incorporated (NYSE:MA), PayPal Holdings, Inc. (NASDAQ:PYPL), and Block, Inc. (NYSE:SQ).
5. Facebook (NASDAQ:FB) and Shopify (NYSE:SHOP) :
Facebook (NASDAQ:FB) has been working on a new Crypto called Diem for quite some time now (formerly known as Libra). Diem is envisioned as a worldwide financial payment and infrastructure platform that is open to everyone, including almost one-third of the world's population who do not have access to a bank account. The initiative had seen several problems, including the withdrawal of Visa (NYSE:V), Mastercard (NYSE:MA), and PayPal from its high-profile membership. Because Cryptocurrency is still mostly unregulated, government officials have voiced suspicion about Diem, and some sources imply Diem may need to be connected to the US dollar or another government-issued currency. Despite this, work on the project is ongoing, and Facebook is reorganizing its development activities. Shopify (NYSE:SHOP), is an e-commerce infrastructure and software company that allows merchants to accept Cryptocurrency as payment. It has enhanced this capacity by partnering with the Crypto payment processor CoinPayments. Facebook Shops, is a new product for small company e-commerce which was launched in spring 2020, with Shopify being the third-party software supplier powering the new online businesses. If the use of digital assets between small enterprises and entrepreneurs continues, Facebook and Shopify will probably profit.
6. Tesla, Inc. (NASDAQ:TSLA) :
Tesla, Inc. (NASDAQ:TSLA), a leading electric vehicle manufacturer, invented by Elon Musk, has long been an advocate of digital currencies And began taking them as payment in February 2021, after purchasing $1.5 billion in Bitcoin. Furthermore, the business temporarily halted Bitcoins as a means of payment owing to two environmental issues around mining but has since hinted at resuming the practice. Holding $3.6 billion in shares, ARK Investment Management was one of the largest stockholders in Tesla, Inc. (NASDAQ:TSLA) at the end of Q2. Furthermore, 60 hedge funds tracked by Insider Monkey own shares in the business, down from 62 the previous quarter. Such interests are worth more than $9.2 billion.
Wedbush has boosted its price target on Tesla, Inc. (NASDAQ:TSLA) to $1,000 and gave the stock an Outperform rating. Daniel Ives, the firm’s analyst, anticipates the business to have another strong quarter after delivering over 241,000 units in September. Tesla, Inc. (NASDAQ:TSLA) has increased its share price by 101.9 percent in 2020. It is preferred by several investors across the globe, along with Mastercard Incorporated (NYSE:MA), Square, Inc. (NYSE:SQ), NVIDIA Corporation (NASDAQ:NVDA), and many others.
Musk has been a prominent face for other Cryptos like Ethereum and Dogecoin, in addition to Bitcoin. Therefore, with the growing popularity of Cryptos, buying Tesla stock is a smart way to get exposure to a variety of Cryptos without having to purchase a specific coin or token.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.