Capitalize on Rising Crypto Market With These Blockchain Stocks
CEO of Top Cryptocurrency Predicts the Overall Crypto Market Could Double to $5 Trillion By the End of 2024, Fueled By Two Major Catalysts
With Bitcoin and the overall cryptocurrency market expected to continue rising throughout 2024, investors should consider these blockchain stocks to tap into the crypto bull market.
The blockchain is a decentralized distributed ledger shared among the nodes of a computer network, which features a growing records list or block securely linked by cryptographic hashes.
Blockchain is best known for its vital role in the cryptocurrency sector, where it is used to create and maintain a decentralized record of transactions. This decentralized record of transactions, also referred to as the public ledger, contains securely stored data that is immutable (unchangeable) and accessible to everyone.
Blockchain users can also remain anonymous, which in a world with ever-increasing government surveillance, is an attractive feature to many.
The value offered by blockchain isn’t limited to just the crypto sector as it can be used by virtually any industry, which seeks to make its data secure and immutable.
Crypto Market Could Double By Year’s End
The valuation of the overall crypto market, which is currently worth approximately $2.7 trillion, could double in value to around $5 trillion by the end of 2024 according to Ripple (XPR) CEO Brad Garlinghouse.
In a recent interview with CNBC, Garlinghouse stated:
“I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving, for the first time, real institutional money. You’re seeing that drive demand, and at the same time demand is increasing, supply is decreasing.”
Garlinghouse attributes the projected doubling of the crypto market’s value to two main catalysts, this January’s approval of Bitcoin ETFs and the upcoming Bitcoin halving, which will reduce the BTC mining reward by half.
2024 has been a strong year for the crypto market, with Bitcoin (BTC) up 63% YTD after recently hitting an all-time high of $73,780.07. The broader crypto market, accurately tracked by the CoinDesk 20 Index is up 49% YTD.
With blockchain being the backbone of the crypto industry, it’s easy to see how a bull market in cryptocurrencies would correlate to the success of blockchain stocks.
Mastercard (NYSE: MA)
Providing investors with a much less risky and more stable option compared to some of the smaller blockchain stocks is legacy payments and credit card powerhouse Mastercard (NYSE: MA).
Mastercard, the world’s second-largest payment processor after Visa (NYSE: V), has invested heavily in blockchain over the past few years having been an early supporter of the technology.
In addition to holding multiple blockchain patents, Mastercard provides great exposure to the blockchain and crypto sectors by way of the company’s multiple ventures, which include:
- Crypto Card Program: Created to help businesses and merchants accept cryptocurrency for everyday transactions.
- Start Path Crypto: The company’s global engagement program to support blockchain, crypto and digital asset startups jumpstart their business ventures.
- Crypto Source: Launched in October 2022, Crypto Source is a program designed to help banks offer crypto trading solutions to their clients.
- Crypto Consulting Services: Dedicated to helping central banks design their own digital currencies called CBDCs.
Shares of Mastercard last traded at $469.17, down -0.65% today. YTD, MA stock is up +11.21% and over the past year is up +28.85%. All-time, MA shares have increased by +10,349.22%.
Block (NYSE: SQ)
Founded in 2009 by Jack Dorsey and Jim McKelvey, Block (NYSE: SQ), formerly known as Square is a global fintech company that utilizes blockchain technology in its various business segments and is strongly committed to the crypto space. In 2021, the company changed its name from Square to Block to portray to the market its dedication to crypto and blockchain technology.
Block’s business is made up of five unique segments, which include
- Square: Dedicated to helping sellers more easily run and grow their businesses with its integrated ecosystem of banking services, business software and commerce solutions.
- Cash App: Focused on redefining the world’s relationship with money by making it more relatable, instantly available, and universally accessible. Cash App offers a variety of crypto payment options.
- Spiral: Building and funding free, open-source projects that advance the use of Bitcoin as a tool for economic empowerment.
- TIDAL: A globalized platform for musicians and their fans that uses unique content, experiences, and services to bring fans closer to the artists they love and give artists the tools to succeed as entrepreneurs.
- TBD: Building an open developer platform to make it easier to access Bitcoin and other blockchain technologies without having to go through an institution.
Shares of Block last traded at $78.51, down -1.84% today. YTD, SQ stock is up +8.71% and over the past year is up +18.2%. All-time, SQ shares have increased by +510.97%.
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Disclaimer: Wealthy VC does not hold a long or short position in any of the stocks, ETFs or cryptocurrencies mentioned in this article.
