The Best Blockchain Stock to Buy Now
I am a huge advocate for cryptocurrency and blockchain. I truly believe it’s the future of finance, especially when you look at some of its more exciting applications like DeFi.The use cases in the crypto sphere continue to increase, pointing to a healthy upside ahead. Hence, it makes sense for investors who believe in the crypto world’s future to pick up the best blockchain stocks.
Cryptocurrencies are still in a price discovery phase, so significant volatility is expected. However, with wider adoption and limited supply,Bitcoin (BTC-USD) will likely gain immensely down the line, despite the recent correction. Furthermore, the recent correction in the market has resulted in substantial losses for many crypto stocks.Nevertheless, the current situation presents an excellent opportunity to scoop up some quality crypto stocks, offering hefty long-term value.
Coinbase(COIN)
Coinbase’s(NASDAQ:COIN) business dipped in the past couple of quarters, which is why its stock trades at a downtrodden valuation. In the first quarter of 2022, it derived most of its sales from transaction fees. With the drop in trading volumes, the entire market has crashed, and so has the interest in cryptos. It essentially means there is less activity on the platform, which resulted ina 27% decline in sales.
Nevertheless, once the market rebounds, it’s not tough to see how Coinbase would benefit. In a bullish market last year, it generated triple-digit growth in sales and profits. Moreover, apart from being exchange and brokerage, its CEO Brian Armstrong aims to develop a robust crypto economy that’s dominated by utility. Its investment arm, Coinbase Ventures, has made a truckload of investments in various crypto businesses across the globe. Hence, Coinbase has a massive stake in the crypto game and should see its valuations rise again.
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