Following a period of decline in 2022, the cryptocurrency market is showing signs of resurgence. Key factors contributing to this revival include the approval of Bitcoin ETFs by the SEC & the upcoming Bitcoin halving. These factors have made investors feel more hopeful and interested in the cryptocurrency market again.
As the market evolves, it’s wise to consider investing in promising crypto companies poised to grow alongside it. That’s why Marathon Digital and Coinbase Global stand out as compelling choices at the moment.
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Marathon Digital, North America’s leading Bitcoin miner, has seen impressive growth, producing over 12,800 Bitcoins in 2023—a huge jump of 210% from the previous year. Despite facing challenges from bad weather early in 2024, Marathon is pushing forward.
By moving some miners to Texas and expanding operations, they aim to solidify their position in the Bitcoin mining industry. Analysts predict Marathon’s revenue to grow steadily at 35% annually from 2023 to 2026, making it an attractive option for investors looking to tap into the cryptocurrency market’s growth.
Coinbase Global, a major player in the cryptocurrency exchange world, manages an impressive $101 billion in assets and has secured the role of custodian for numerous Bitcoin spot price ETFs. Despite a dip in total trading volume during 2023, Coinbase saw positive trends in the third and fourth quarters as the crypto market regained momentum.
To diversify its revenue streams, Coinbase is increasingly relying on stablecoins like Tether, which could reduce its dependence on volatile assets like Bitcoin and Ethereum. Analysts predict steady revenue growth for Coinbase, with a 21% annual increase from 2023 to 2026, along with a 40% growth in adjusted EBITDA.
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Though Coinbase’s stock may not be a bargain right now, its promising growth potential in the expanding cryptocurrency market makes it an appealing investment. Notably, Cathie Wood of Ark Invest holds Coinbase as a top holding in several ETFs, indicating confidence in its future.
As the cryptocurrency market continues to evolve and gain mainstream acceptance, investors are increasingly turning to stocks like Marathon Digital and Coinbase Global for exposure to this burgeoning sector.
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