Why Bitcoin- And Ethereum-Related Stocks Are Trading Lower Today – Bitcoin – United States Dollar ($BTC)




Shares of several cryptocurrency-related companies, including Coinbase Global Inc (NASDAQ:COIN), Marathon Digital Holdings Inc (NASDAQ:MARA) and Riot Blockchain Inc (NASDAQ:RIOT), are trading lower Wednesday in sympathy with the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

The two largest cryptocurrencies have been trending lower since reaching all-time highs at the beginning of November.

See Also: Will Bitcoin Retest The $42K Level From Here Or Move Higher? Here’s What 4 Experts Are Saying

In a new research note, Goldman Sachs analyst Zach Pandl said that Bitcoin will likely take market share away from gold in 2022 amid increasing digital asset adoption.

The Goldman Sachs analyst believes Bitcoin currently has a 20% share of the “store of value” market. He expects Bitcoin to grow and noted that if it were to reach 50% market share, it would likely be trading above $100,000. 

“Bitcoin may have applications beyond simply a ‘store of value’ – and digital asset markets are much bigger than Bitcoin – but we think that comparing its market capitalization to gold can help put parameters on plausible outcomes for Bitcoin returns,” Pandl said.

  • Coinbase is the leading cryptocurrency exchange platform in the United States. The company is a provider of end-to-end financial infrastructure and technology for the crypto-economy. The stock was down 3.96% at $240.25 at publication time.
  • Marathon Digital is focused on mining digital assets. It owns cryptocurrency mining machines and a data center to mine the digital assets. Shares were down 8.82% at $31.15 at publication time.
  • Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was down 7.83% at $22.47 at publication time.

BTC, ETH Price Action: At publication time, Bitcoin was down 0.44% at $45,972 over a 24-hour period and Ethereum was down 0.67% at $3,746 over a 24-hour period.

Photo: christopher_muschitz from Pixabay.





Source link

Leave a Reply

Copyright © 2022 Billionaire Club Co LLC. All rights reserved

Chat
Loading the chat ...