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Top Cryptocurrency Stocks for Q2 2023: APLD, NVDA, and RIOT Surge 135% Despite Market Slump



Top Cryptocurrency Stocks for Q2 2023 APLD, NVDA, and RIOT Surge 135% Despite Market Slump

(CTN News) – A few of the top cryptocurrency stocks for 2023 are Applied Digital Corp. (APLD), NVIDIA Corp. (NVDA), and Riot Platforms Inc. (RIOT), which rose 135% last year despite a slump in the broader crypto industry.

A cryptocurrency exchange-traded fund (ETF) called Amplify Transformational Data Sharing ETF (BLOK) has lost almost a tenth of its value over the last year. Meanwhile, the benchmark Russell 1000 Index is up almost 4%.

Below are the top cryptocurrency stocks based on best value, fastest growth, and most momentum. Below are all the data as of May 25.

Best Value Cryptocurrency Stocks

Cryptocurrency stocks with the lowest 12-month trailing (TTM) price-to-sales (P/S) ratio. When a business is in its early development stages or suffering from major shocks, this can work as a rough measure of its value.

As a business grows, it may eventually produce more profit when it reaches or returns to profitability. P/S tells you how much you pay for stock per dollar of sales.

Best Value Cryptocurrency Stocks

Price ($) Market Capitalization (Market Cap) ($M) 12-Month Trailing P/S Ratio
Greenidge Generation Holdings Inc. (GREE) 3.03 181.2 0.1
Canaan Inc. (CAN) 2.59 488.1 0.7
Block Inc. (SQ) 61.56 37,237.4 2.0
  • Greenidge Generation Holdings Inc.: runs cryptocurrency data centers, power-generation businesses, and cryptocurrency-mining facilities.3 In mid-May, the stock’s stock price plummeted by almost 94%.
  • Canaan Inc.: Providing high-performance computing services in China. Its specialties include computer chip design, chip research and design, computing equipment production, and software services. Canaan supplies computing equipment to the crypto-mining industry.4 Its shares have dropped more than a fifth in the past year.
  • Block Inc.: An online payments and financial services company. Businesses can accept credit cards and cryptocurrency payments through its platforms. Block also offers marketing and financial services. Block’s gross profit grew by over a quarter for the first three months of 2023, driven by Cash App profit gains.

Fastest-Growing Cryptocurrency Stocks

Here are the crypto stocks with the highest year-over-year sales growth. Investors can pick out startups that aren’t yet profitable based on rising sales. Additionally, earnings per share (EPS) can be influenced by accounting factors that don’t reflect a company’s health.

Nevertheless, sales growth can also be misleading because growing sales on a money-losing business may be harmful if there’s no plan to get profitable. Outliers are companies that grow more than 1,000% a quarter.

Fastest-Growing Cryptocurrency Stocks

Price ($) Market Cap ($M) Revenue Growth (%)
Robinhood Markets Inc. (HOOD) 8.68 7,837.7 47.0
Shift4 Payments Inc. (FOUR) 66.92 3,972.5 36.1
Block Inc. (SQ) 61.56 37,237.4 26.0
  • Robinhood Markets Inc.: Robinhood is an app and platform for trading and cash management. You can buy and sell stocks, ETFs, options, and cryptocurrencies. For the most recent quarter, revenue grew by almost half, thanks to a rise in net interest income.
  • Shift4 Payments Inc.: Payment processing services provider. Cryptocurrency transactions are also supported by software for transaction and money transfer processes. Shift4’s revenue grew by over a third last quarter as it added new merchants.
  • Block Inc.: Check out the company description.

Cryptocurrency Stocks With the Most Momentum

Here are the cryptocurrency stocks with the highest total return over the past 12 months.

Cryptocurrency Stocks With the Most Momentum
Price ($) Market Cap ($M) 12-Month Trailing Total Return (%)
Applied Digital Corp. (APLD) 8.87 841.8 135.3
NVIDIA Corp. (NVDA) 379.8 939,294.5 123.9
Riot Platforms Inc. (RIOT) 11.07 1,938.1 72.2
Russell 1000 Index N/A N/A 3.9
Amplify Transformational Data Sharing ETF (BLOK) N/A N/A -9.3

Source: YCharts

    • Applied Digital: In North America, it builds and operates data centers for blockchain infrastructure and cryptocurrency mining. Announcing a $180 million deal to provide artificial intelligence (AI) cloud services to an undisclosed customer boosted the company’s shares in mid-May.
    • NVIDIA: Builds and sells graphics processors and related software, some used to mine cryptocurrency. NVIDIA shares jumped 25% May 25 after the company reported record data-center revenue and announced a partnership with Microsoft.11
    • Riot Platforms: A company that mines bitcoins and builds digital infrastructure. Bitcoin mining operations are in Texas and New York. As well as electrical switchgear engineering and fabrication, Riot has a plant in Colorado.

    Risks of Cryptocurrency Stocks

    Having high volatility, the cryptocurrency market has a certain level of risk, and price swings are common. Investing in crypto requires determining your appetite for risk and implementing a solid risk management plan.

    Speculators dominate cryptocurrency trading. Studies of blockchain activity show exchange trades are the most common use of cryptocurrencies.

    Several crypto skeptics, including Warren Buffett, Bill Gates, and JPMorgan CEO Jamie Dimon, have warned of a crypto bubble. Irrational exuberance and speculative mania aren’t unique to cryptocurrencies but are another risk to consider.14

    New technologies always have some speculative behavior, especially as they mature. A new investor, however, should beware of psychological traps like herd instinct, fear of missing out, or the greater fool fallacy that can make all the difference between a calculated risk and a damaging one.

    Benefits of Cryptocurrency Stocks

    While cryptocurrencies are risky, they can also give you outsized returns. Bitcoin was a very low-value digital currency when it started in 2009. In the following years, it jumped to a fraction of a penny and tens of thousands. Gains like these may be among the biggest benefits of cryptocurrency investing.

    Being a relatively new industry, cryptocurrency companies offer investors a unique opportunity to get into blockchain. A range of industries could be transformed by blockchain, from accounting and cloud computing to digital advertising and healthcare.

    Because many cryptocurrency companies are also involved in blockchain – by providing computing power to support blockchain networks, for instance – they provide exposure to another industry.

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