What a difference a day makes, at least as far as cryptocurrencies go. Bitcoin (BTC-USD) made a startling recovery in the last 24 hours and turned around a large portion of its losses from yesterday. With that, a wide range of cryptocurrency stocks followed suit and saw shares climb to varying degrees throughout the day.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Among the winners was Greenidge Generation (NASDAQ:GREE), which saw its shares jump over 6% at one point in Tuesday’s trading. Microstrategy (NASDAQ:MSTR), known for its supply of over 150,000 Bitcoin, and Franklin Resources (NYSE:BEN), currently looking into a Bitcoin ETF, also gained modestly in today’s trading. Posting fractional gains in Tuesday afternoon’s trading, meanwhile, were crypto mainstays Marathon Digital (NASDAQ:MARA) and crypto exchange Coinbase (NASDAQ:COIN).
Franklin Resources’ play is actually unusual for a couple of reasons. The biggest one, not surprisingly, is that this is the first time Franklin Resources has ever tried to set up such an operation. Secondly, it’s one of the first to make the play after certain legal headaches at the Securities and Exchange Commission (SEC) were finally taken down. The more such moves are made, the better overall crypto is likely to do; getting institutional money into cryptocurrency could trigger a gold rush bigger than any seen to date.
Greenidge may have had the biggest gains, but it also has one of the lightest presences among analysts. It’s rated a consensus Hold, but no analyst as yet has a price target on the stock. Meanwhile, Microstrategy, a Strong Buy, offers investors 45.97% upside potential thanks to its $508.25 average price target.
