As more businesses pour investments into blockchain technology, the long-term potential of some of the leading stocks appears, on the surface, optimistic. Let’s take a look at some of the most exciting blockchain stocks to monitor in 2024.
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Why invest in blockchain stocks?
Blockchain technology remains at the forefront of the digital revolution. Decentralized technologies have the potential to disrupt and transform multiple industries. Aside from investing in the blockchains themselves (via buying native tokens or coins), many investors are looking at blockchain stocks alongside AI stocks in 2024.
In the dynamic tech and finance space, several blockchain stocks offer innovative AI-infused investment opportunities. Legislative actions, like the U.S. Office of Management and Budget’s AI training program, underscore the growing importance of AI and blockchain, with 123 AI-related bills passed worldwide since 2016, most in recent years.
Top blockchain stocks in 2024
Finding a long-term investment plan for blockchain stocks is vital for an investor or trader. Take a look at our top seven blockchain stocks in 2024:
1. Nvidia
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Nvidia (NVDA 1.4%) designs graphic processing units (GPUs) in various technological fields, such as artificial intelligence, gaming, and autonomous vehicles.
GPUs contain high computational power used by cryptocurrency miners. Crypto mining is an energy-intensive process that requires high computational power available through Nvidia’s GPUs with its CMP HX chip.
In 2023, Nvidia joined the elitist by reaching the $1 billion market capitalization alongside multi-corporations like Apple, Amazon, and Microsoft.
How does its future look?
Recent market projections paint a positive picture for the company’s future with an expected explosive growth. The booming chip sales and partnership with AI and data centers are set to result in tripled earnings over the fiscal year. The chipmaker is expanding with new projected growth areas in autonomous car marking and cloud gaming.
In 2023, Nvidia’s stock managed to stage a successful comeback with triple earnings. Hence, the chip maker continues expanding its network into A.I. partnerships for further growth.
The company recently partnered with crypto firms and launched the Crypto Card Program for real-time digital currency use in daily transactions, gaining a competitive edge and joining Asia-Pacific crypto companies with crypto-funded M.A. payment cards.
2. Mastercard (M.A.)
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The global credit card company Mastercard (MA 0.0%) has been a force to reckon with in the financial sector, serving as a digital payment network. The market performance of the digital payment network saw an increase in revenues by 14%, with a net income increase of 25% in the second quarter.
“It is a natural evolution that demonstrates Mastercard’s commitment to offering a wider range of payment solutions that are safe, easy to access and always on. Our goal is to support the wider digital asset industry and interested parties to help fortify confidence in its future.”
Raj Dhamodharan, executive vice president, Blockchain and Digital Assets: Mastercard press release
With over 3 billion cards circulating worldwide, the network’s global reach makes it possible to access crypto and secure it for billions of users.
What’s the Multi-Token Network (MTN)?
The company is focused on building a blockchain hub with its name at the center. The Multi-Token Network (MTN) works on security, scalability, and interoperability between blockchain ecosystems.
MTN aims to set the foundational capabilities to enable transactions within the blockchain ecosystem and digital assets for efficient commercial applications and payment.
Mastercard has announced various partnerships with crypto companies, forming a leading crypto partner program to enable simple and real-time use of digital currency for daily transactions.
3. Riot Platform Inc. (RIOT)
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With over two decades of technology sector experience, Riot is prominent in crypto mining, specifically BTC.
Riot’s operations over the years have remained consistent, and the company holds a reserve of up to 7000+ BTC. Its hash rate is shy of 11 EH/S with projections of up to 4300+ in the fiscal year. The company has stayed on top of its competition through its low operational expenses for bitcoin miners. Riot has a market cap of $1.1 billion.
4. IBM Corp (IBM)
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IBM (0.24%) has been one of the front-running tech companies over the past decade. The company produces and sells computer hardware, including UPC hard drives, hard drives, and networking equipment. It manages over 500+ blockchain projects with partnerships with several firms such as World Wire, Walmart, and Kroger.
5. Amazon Inc.
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Investors looking for a solid web3 stock to invest in can turn to Amazon, the world’s leading e-commerce platform. The company started as an online bookstore and grew into a multinational corporation dealing with a plethora of goods and services.
The e-commerce platform currently offers Amazon Managed Blockchain (AMB), a service that helps users develop web3 applications on private and public blockchains. Amazon has a current market cap of $1.05 trillion with an average trading volume of $79.34 million. Developers can create web3 applications without utilizing specialized blockchain infrastructure while connecting to the blockchain network.
6. Marathon Digital (MARA)
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Marathon Digital is a leading bitcoin mining company that aims to enhance the Bitcoin network through sustainable means to increase computational power.
In the first quarter of 2023, MARA managed to net up to 979 BTC despite marking a 21% drop from the previous fiscal year. The yearly production rate stands at 599%. Meanwhile, the firm is on its way to reaching a staggering treasure chest of 12,538 BTC.
MARA shares remain tightly tied to the price of bitcoin. In 2021, MARA stock hit a 52-week high. The following year was tough, with the bitcoin prices falling with the volatility affecting its stock prices.
7. Coinbase Global Inc. (COIN)
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A leading global crypto exchange, Coinbase launched in 2012 and has survived multiple bear markets, crypto winters, and regulatory challenges and outlived other heavyweight exchanges (such as FTX).
The CEX has managed to stay ahead of its competition by introducing new innovative features that cater to the needs of crypto enthusiasts. It has a market capitalization of $16.21 billion, with stock up 125% in 2023. As regulatory clarity in the crypto sector grows, Coinbase stock could benefit.
Risks and challenges
The fast-paced and evolving nature of the blockchain sector requires traders and investors to be prepared for risks and uncertainties when dealing with blockchain stocks. Blockchain stocks can be highly volatile. Moreover, the prices of these stocks tend to fluctuate wildly while being influenced by market speculations rather than the company’s performance. These fluctuations and uncertainty might lead to potential losses for investors.
Additionally, the regulatory framework regarding blockchain stocks is still developing. The value of these stocks remains dependent on changes in regulations or policy enforcement.
Which blockchain stock suits you?
For investors and traders seeking promising investments with assured returns, conducting thorough research is essential when investing in blockchain stocks. Leading companies such as Mastercard, IBM, and Amazon have embraced blockchain technology in their operations, presenting an opportunity for people to invest in blockchain companies without actually buying crypto.
Like any investment, there is a risk of capital loss with blockchain stocks. Remember to conduct thorough due diligence before making any investment decisions and ensure your choices align with your financial goals and risk tolerance.
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