Top 5 Crypto Stocks to Watch Before US Election Shakes the Market

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As a seasoned crypto investor with over a decade of experience in navigating the ever-evolving digital asset market, I find myself eagerly anticipating the upcoming US Election and its potential impact on the crypto stocks and broader financial markets.

Many investors are anxiously looking forward to the U.S. Election, wanting to understand its possible effects on the financial sector. Particularly interesting this year are the digital assets and crypto stocks, which have become a significant focus for market aficionados. The discussion surrounding cryptocurrency has been quite prevalent in the election discourse. While some predict intense market fluctuations leading up to the election, others are hopeful for a robust market growth in the near future.

So, here we explore the top 5 stocks that investors can explore ahead of the Election.

Top 5 Crypto Stocks To Watch Ahead Of US Election 2024

Coinbase (COIN) Crypto Stock Gains Attention

It’s worth noting that Coinbase, a prominent cryptocurrency trading platform, has been attracting significant attention from market players recently. Moreover, investor interest in COIN stock is evident due to its price increase throughout 2024.

Recently, the cryptocurrency exchange has generated excitement within the market following its legal victory in the FOIA case against the Federal Deposit Insurance Corporation (FDIC). This success has led to some intriguing speculations. Significantly, the value of the crypto stock rose by 1.85% on November 4, closing at $186.27. It’s worth mentioning that this growth represents an over 11% increase in its year-to-date (YTD) performance.

As an analyst, I’ve noticed a wave of criticism directed toward Coinbase from the crypto community in recent times. To provide some context, CEO Brian Armstrong recently made a statement asserting that “listings on Coinbase are free,” a claim that has been contested by many within the community. The Tron Founder, Justin Sun, was among those who spoke up, alleging that the company demanded a 500 million TRX deposit, valued at approximately $80 million, and $250 million in BTC custody. This contradicts Armstrong’s assertion.

Robinhood (HOOD) Soars Amid Recent Developments

It seems that Robinhood, known for its commission-free trading, has emerged as a favorite among many crypto investors. On Monday, HOOD stock ended the day at a 1.46% increase, closing at $24.32. Year-to-date, the price of this stock has risen dramatically by approximately 97%. This indicates a growing trust in the stock from investors.

Lately, it seems like the brokerage platform is moving its attention towards popular meme cryptocurrencies. To elaborate, Robinhood has recently enabled PEPE Coin transfers, and now supports both deposits and withdrawals for Dogecoin as well.

At the same time, Robinhood has recently announced impressive Q3 financial results that have left traders feeling hopeful. In this period, the company’s cryptocurrency earnings increased by an impressive 165%, reaching $61 million, demonstrating a rise in investor involvement.

MicroStrategy (MSTR) Among Top Performing Crypto Stocks

In recent cryptocurrency discussions, MicroStrategy and its founder Michael Saylor have been at the forefront due to their growing interest in Bitcoin. Remarkably, MicroStrategy’s stock (MSTR) has outperformed many other crypto-related stocks, suggesting that investors are highly approving of the company’s approach towards Bitcoin.

Meanwhile, Michael Saylor stated that MicroStrategy aspires to become the biggest Bitcoin bank, which has fueled market confidence. However, on November 4, the MSTR stock price dropped by almost 3% to $222.99. In contrast, today it saw a rise of over 3% in pre-market trading. Additionally, Canaccord recently increased their MSTR price target from $173 to $300 while maintaining the “Buy” rating.

According to Canaccord’s recent analysis, MicroStrategy’s intention to invest approximately $42 billion in Bitcoin over the next three years has contributed to their optimistic outlook. It is worth noting that the value of MSTR stock has significantly increased by over 225% this year, demonstrating a surge in investor confidence towards cryptocurrency.

MARA Holdings (MARA): Top Crypto Stock

Marathon Digital is among the top Bitcoin mining companies, and it’s been drawing attention from investors recently. The MARA stock ended at $15.50 on Monday, losing almost 4%, but today, before trading officially started, it increased by approximately 3% and was trading at $15.94.

Nevertheless, much like numerous other cryptocurrency miners, the company’s shares have faced challenges this year, particularly following the Bitcoin halving event. Yet, there is a sense of optimism among industry experts regarding both the firm’s growth prospects and those of the crypto sector overall, due to its recent emphasis on artificial intelligence and other technological areas.

Nvidia (NVDA) Rally Sparks Market Optimism

Nvidia stands as one of the foremost technology companies specializing in manufacturing GPU chips. Its recent emphasis on artificial intelligence (AI) has sparked immense interest among investors, causing a surge in its share prices. Moreover, it’s frequently recognized as a top pick by crypto enthusiasts due to its significant role in the digital assets sector.

In general, favorable events often impact the performance of the crypto market, particularly the leading AI-based coins. Today, NVDA’s stock increased by almost 1% in pre-market trading and was traded at $136.96. It is worth mentioning that this stock has experienced a significant growth of approximately 184% year to date, indicating strong optimism among traders about the stock.

Crypto Stocks In Focus Amid US Election Speculations:

People closely watching the upcoming U.S. Election are eager to see its effects on the financial markets, including stocks related to cryptocurrencies and digital assets. Many traders have become more careful as they sense that there could be significant market fluctuations or even a possible crypto market crash today on the election day, due to heightened anticipation.

Regardless, numerous experts point to historical patterns and foresee a quick recovery for the market. Typically, the market demonstrates strong performance following election events. Consequently, many market participants anticipate similar results in the near future. Nevertheless, it is advisable for investors to closely observe current market tendencies and other relevant factors before making investments.

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2024-11-05 14:30