Revving Up Your Investment Game: Top 5 Blockchain Stocks To Keep An Eye On In 2023:
Blockchain technology has emerged as a driving force in the ever-changing world of finance. This decentralized, secure, and transparent digital ledger is shaking up the investment landscape at a rapid pace. By 2025, the global blockchain market size will likely hit $39 billion, with a compound annual growth rate (CAGR) of 67.3% during the forecast period. With its innovative approach to investment, blockchain technology is changing the game for investors seeking to diversify their portfolios and revolutionizing the way we think about investing.
Here are the top 5 blockchain stocks to keep an eye on in 2023:
IBM (NYSE: IBM)
IT powerhouse IBM has long been at the forefront of blockchain development. In reality, the company is one of the most active in the industry, with over 500 blockchain projects in development. From supply chain management to healthcare, many industries are using IBM’s blockchain technology. IBM is a safe and reputable investment for anyone wishing to enter the blockchain game, with a market valuation of approximately $118.15 billion.
Robinhood (NASDAQ: HOOD)
In July 2021, Robinhood, a platform for trading stocks and cryptocurrencies, went public. It offers commission-free trading for stocks, options, and cryptocurrencies. While it doesn’t specialize in blockchain technology, Robinhood provides the opportunity to trade various cryptocurrencies like Bitcoin, Ethereum (ETH), and Dogecoin (DOGE). It’s important to note, however, that Robinhood is not stock on the blockchain. Instead, it’s a technological firm that provides an online trading platform with cryptocurrency trading capabilities. Robinhood’s business strategy primarily focuses on making financial markets and investment opportunities more accessible rather than blockchain technology.
PayPal (NASDAQ: PYPL)
A payments corporation called PayPal is working on using blockchain technology to enhance its offerings. The business has funded blockchain companies and applied for numerous patents with a blockchain-related theme. A blockchain-based remittance platform that PayPal is developing could revolutionize the market. PayPal is a wise option for blockchain fans trying to diversify their portfolios, with a market worth of nearly $300 billion.
The industry leader in producing graphics processing units (GPUs), which are crucial parts of cutting-edge technological advancements like artificial intelligence, driverless cars, and video games, is Nvidia (NVDA -1.74%). GPUs are also important pieces of hardware for mining cryptocurrencies; in a word, “miners” process transactions on the blockchain using specialized GPUs in exchange for brand-new digital currency. Although the decrease in cryptocurrency prices has slowed down sales of Nvidia’s crypto-targeted CMP chips, sales may increase if the crypto market recovers. And even if it doesn’t, Nvidia’s other businesses are absolute market leaders.
Riot Blockchain (NASDAQ: RIOT)
Riot Blockchain, Inc. is a company focused on improving blockchain systems and mining cryptocurrencies (NASDAQ: RIOT). The company has made significant investments in Bitcoin mining infrastructure and hardware because Bitcoin mining is its main area of concentration. RIOT is currently trading at $9.14, up +$5.77 (171.22%) year to date since the beginning of 2023. It’s interesting to note that 9 out of 10 analysts who have rated RIOT have given the stock a “strong-buy” rating, with the business receiving a “hold” rating from the lone other stock market expert. Interestingly, the stock’s average price target for the following 12 months is $9.38, an increase of 2.57%.
These top 5 blockchain stocks are ready for growth in 2023 as blockchain technology changes the investing landscape. Investors can step up their investment game and perhaps earn big rewards by keeping an eye on these stocks and staying current with the most recent advancements in the blockchain.