Cryptocurrency stocks Coinbase (NASDAQ:COIN) and MicroStrategy (NASDAQ:MSTR) rallied 11.4% and 23.6%, respectively, in Monday’s regular trading session. The upside can be attributed to a rally in Bitcoin (BTC-USD) and the prices of other digital assets.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Fueled by bullish sentiment across the crypto industry, Bitcoin surged nearly 8% yesterday and inched closer to a record high of around $69,000. Moreover, the CoinDesk 20 Index, a measure of the largest digital assets, closed higher by more than 10%.
Investors should note that BTC prices are expected to hit a new record, driven by the increasing demand from new U.S. Bitcoin exchange-traded funds (ETFs) and a potential supply decrease due to the upcoming April halving event.
What is the Best Crypto Stock to Buy?
Transaction fees collected from buying and selling cryptos are COIN’s major revenue source. With bullish market trends and strong momentum in Bitcoin ETFs, Coinbase’s prospects look bright. At the same time, MicroStrategy, which holds more than 190,000 BTC on its balance sheet, is also set to benefit from higher Bitcoin prices.
Between COIN and MSTR, analysts are optimistic about MicroStrategy stock. It has a Strong Buy consensus rating based on four unanimous Buys. After an impressive rally of 282% over the past six months, the average MSTR stock price target of $875 implies a 34.41% downside potential.
