Key Insights
- •The crypto stock market closed in the negative territory on Friday, December 5.
- •BitMine has continued to bet on Ethereum, suggesting its long-term confidence on the asset.
- •Bernstein set a price target for Coinbase stock at $510, sparking market optimism.
The crypto stocks are in focus amid the ongoing volatile scenario recorded in the broader digital assets space. It’s worth noting that the stocks have witnessed a pullback in recent weeks, amid a selloff recorded in the broader crypto market. Despite that, it appears that some firms are confident in the future potential of cryptocurrencies like Ethereum, as evidenced by the aggressive ETH bets by BitMine (BMNR). In addition, the optimism over the Fed rate cut hopes further lifted market sentiment, with many expecting the development to boost crypto market sentiment. Meanwhile, the analysts are also bullish on the future potential of crypto stocks like Coinbase (COIN) and Circle (CRCL). So, here we explore the latest developments in the space and see what the investors can expect with the performance of the assets.
BitMine (BMNR) Crypto Stock in Focus
BitMine Immersion Technologies (BMNR), led by Tom Lee, is among the top crypto stocks to watch in the near future. It’s worth noting that the firm has emerged as a leading Ethereum treasury firm and has continued to put its bet on the second-largest crypto by market cap. In a December 6 report, the leading on-chain transaction tracking platform, Lookonchain, reported the latest bet of Tom Lee’s firm on ETH. As per the report, BitMine bagged another 22,676 ETH, valued at $68.67 million, on December 6. This follows a purchase of 41,946 ETH on December 5, worth $130.78 million.
However, despite its aggressive bets, BitMine (BMNR) stock closed at 6% lower on Friday, December 5, at $34.06. Despite the losses, the crypto stock has added nearly 3% last week, while falling around 18% in the monthly chart.
Coinbase (COIN) Stock Receives Bullish Outlook
The leading crypto exchange, Coinbase (COIN), has also continued to make headlines in the crypto space. However, the crypto stock has also struggled amid broader crypto market volatility recently. The COIN stock closed at $269.73 on December 5, down 1.58% from its previous close. Despite that, the market pundits have remained bullish on the future potential of the asset. For context, Bernstein has provided a bullish outlook for the crypto stock and has set the price target at $510. Notably, the global equity research and brokerage firm said that the shifting focus of Coinbase from a trading-centric platform to an “everything exchange” was behind the optimistic outlook.
Crypto Stock Circle (CRCL) to Rally Ahead?
The Fed rate cut has also boosted sentiment over a potential rally in the broader financial sector, let alone the crypto market. Amid this, the Circle or CRCL stock has gained notable traction from the investors. However, despite the hype, the crypto stock has lost 2% on Friday and closed at $85.62. The CRCL stock has added more than 7% last week, but has lost more than 24% over the past 30 days, suggesting a gloomy sentiment among traders.
Meanwhile, amid the volatile scenario in the broader crypto market, equity research firm Wolfe Research has said that the crypto stock is in “underperform” territory. Besides, it has also initiated a Circle stock target range from a low of $70.70 to a high of $294.