Blockchain technology stands out as a highly influential and disruptive force, but some may overlook its investment potential amid new and exciting technology trends. Nevertheless, discerning investors are looking to buy select blockchain stocks in hopes of reigniting market enthusiasm. Blockchain technology, which is often overshadowed by the cryptocurrency craze, is gaining momentum. The value of the blockchain market was $4.8 billion in 2022, which is expected to skyrocket to $674 billion by 2030, reaching a staggering $2.3 trillion by 2032.
Blockchain’s appeal lies in its versatility, offering cost efficiency, enhanced security, and innovation across a variety of industries. Experts estimate this could boost global GDP by more than $2 trillion by 2030. The resurgence of blockchain stocks, particularly those associated with crypto-focused companies, is illustrated by the following examples: grayscale bitcoin trust (OTCMKTS:GBTC), which jumped an astonishing 211% year-over-year to $38.87 per share.
This therefore highlights the potential of blockchain in reshaping finance. As Bitcoin regains momentum, keep an eye on these 3 blockchain stocks that are poised to soar this year.
Riot Blockchain (RIOT)
riot blockchain (NASDAQ:riot) is a major player in the cryptocurrency mining sector, primarily focused on Bitcoin mining. Over the past year, RIOT stock has seen impressive growth, soaring 90%. Moreover, Wall Street analysts give it a “Strong Buy” rating, with an additional 65% upside potential.
This bullish sentiment is supported by RIOT’s improving financial performance. Forecasts call for strong revenue growth of 49.8% per year. Furthermore, there is widespread optimism about the potential for significant increases in RIOT’s book value per share, especially in anticipation of the Bitcoin halving event scheduled for April.
Currently, Riot Blockchain holds a sizeable portfolio of 7,362 Bitcoins. Historical data shows that Bitcoin often experiences rallies around halving events, which could make RIOT’s balance sheet stronger. This led some investors to believe the stock was undervalued and cemented Riot Blockchain’s status as a promising blockchain stock with notable growth potential.
block (New York Stock Exchange:square) presents an attractive opportunity among undervalued blockchain stocks. The company boasts a forward price/earnings ratio of 35.72 times, making it a strong attraction for investors. In the recent third quarter, Block demonstrated remarkable financial strength as gross profit increased by 15% over the same period last year. Additionally, sales exceeded expectations at $5.62 billion, an impressive 24.3% year-over-year growth, and exceeded expectations by $190 million.
Square’s transformation from Square to Block in 2021 reflects the company’s strong commitment to Bitcoin and blockchain technology. In June 2022, Block announced ambitious plans for Web5, the pioneering Bitcoin blockchain platform for decentralized identity and data storage within applications. Recently, Block launched his Web5 toolkit to streamline decentralized app development and hinted at a promising future.
Additionally, Block announced a self-custodial Bitcoin wallet in December 2023, reinforcing its commitment to Bitcoin security. These strategic initiatives, coupled with our block first mover advantage, position the blockchain industry well for growth and innovation.
Nvidia (NASDAQ:NVDA) has experienced an impressive surge, with its stock price increasing an impressive 218% over the past 12 months. However, it may be wise for investors to err on the side of caution and wait for a correction before considering new exposure. The surge in stock prices is undoubtedly associated with promising growth prospects in the AI market.
Additionally, it is worth noting that NVDA’s GPUs are crucial in cryptocurrency mining, which is a key component of blockchain networks such as: Bitcoin (BTC-USD) and Ethereum (ETH-USD). Moreover, the cryptocurrency landscape continues to expand, with new digital currencies that support GPU mining emerging every day. As awareness of cryptocurrencies expands and accessibility increases, this trend will accelerate and further strengthen his NVDA’s position in the industry.
Furthermore, analysts expect earnings per share to grow at a solid 29.3% for the year. This sustained growth will keep him in the low double digits through 2028. This forecast therefore highlights NVDA’s resilience and potential for sustained success in the coming years.
On the date of publication, Muslim Farooq did not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are subject to InvestorPlace.com Publishing Guidelines..