Marijuana stocks have been booming in 2019, but how well do the top performers square up to the leading cryptocurrencies?
We often hear of comparisons between marijuana stocks and cryptocurrencies. They’re both hot investments right now regardless, but in light of a special day, let’s dig into which of these industries has been performing better in 2019.
Top Performing Marijuana Stocks
A few major marijuana stocks have doubled in 2019, bringing investors some juicy gains.
The Cronos Group (NASDAQ:CRON) has managed a return of over 107 percent in 2019 so far. It garnered a lot of attention this year when it announced that the cigarette giant Altria Group would be purchasing a 45 percent stake in the company for $1.8B.
CannTrust Holdings (NYSE:CTST) has also been a hot stock in the marijuana world with a jump of more than 103 percent this year. They’ve been riding high due to their market focus on cannabis oil extracts.
HEXO (NYSEMKT:HEXO) is another cannabis stock which has doubled since the beginning of 2019. The Canadian company has vastly expanded its production capacity in this fast-growing market.
It seems at first glance that marijuana stocks are doing a bit better than the cryptocurrency market. Although many doubling in value in Q1 2019, cryptocurrencies are not far behind.
One of the highest earners in 2019, for example, is Binance Coin (BNB) which has done well over 4x its price since the beginning of this year. Basic Attention Token (BAT) was another major gainer, more than doubling since the beginning of 2019.
Overall, the market has been rebounding strong. Bitcoin is now enjoying a 50 percent increase since the start of 2019. Most major cryptocurrencies have followed.
Most digital currencies across the board have posted gains following Bitcoin (BTC), so if you made an investment in early 2019 your digital assets likely appreciated at least 50 percent in value. Although, this also means that marijuana stocks did slightly better so far in 2019.
Given that the cryptocurrency rally could (hopefully) only just be starting, cryptocurrencies have a high likelihood of finishing much stronger by the end of 2019. Investors this year might look to start hedging their bets on cryptocurrencies while keeping a close eye on weed stocks.
Are you investing in cryptocurrencies or cannabis stock? Let us know your thoughts in the comments below.