Written by Ambrose O’Callaghan at The Motley Fool Canada
The cryptocurrency market has been on a wild ride since the start of the COVID-19 pandemic. Bitcoin and its peers have indeed burst into the mainstream over the past year and a half. This has attracted many more investors to this market. Today I want to take a look at the state of this space and take a look at three crypto stocks that have been burning since that time in 2020. Let’s go.
What does the crypto market look like right now?
Bitcoin and its peers were hit hard in September. El Salvador decided to adopt the leading digital currency as legal tender this month. A series of technical issues have sparked anxiety and a leak from Bitcoin and its better peers.
Prior to this development, Bitcoin and its peers had started to rebound from its sharp fall in late spring. The broader economic environment remains bullish for alternative assets. Historically low interest rates are here to stay, and soaring inflation worries many investors for the future. Digital currencies have overtaken precious metals in this area since mid-2020. Crypto stocks are a viable option going forward.
Two Bitcoin miners on fire
Unsurprisingly, the great race for Bitcoin and its peers in the crypto space has led to a booming business for digital currency miners. HIVE blockchain (TSXV: HIVE) (NASDAQ: HVBT) is one such company. It operates as a cryptocurrency mining company with locations in Canada, Sweden and Iceland. Shares of this crypto stock climbed 823% year over year at the September 13 close.
Hut 8 Mining (TSXV: HUT) (NASDAQ: HUT) is another crypto miner worth watching. The Toronto-based company operates crypto in North America. This crypto stock rose 214% in 2021. Its shares have climbed more than 1,000% in the year-over-year period.
This company achieved a record quarterly revenue in the second quarter of 2021. Revenue reached $ 33.5 million, compared to $ 9.23 million in the second quarter of 2020. Meanwhile, revenue of Total business in the first six months of 2021 more than tripled to $ 65.5 million. In addition, Adjusted EBITDA was reported at $ 30.6 million, compared to a loss of $ 322,000 during the period since the beginning of the fiscal year in 2020.
Best of all, both crypto stocks offer solid value. HIVE Blockchain stocks last had a price / earnings (P / E) ratio of 37. Hut 8 Mining had a P / E ratio of 31. This puts both in favorable value territory relative to their peers in the world. sector.
Don’t sleep on this fintech stock with a head start in crypto
MOGO (TSX: MOGO) (NASDAQ: MOGO) is a Vancouver-based financial technology company. It offers a wide range of financial products. However, its stock has gained momentum due to its big bet on the crypto space. MOGO shares climbed 167% year-on-year.
The company released its second quarter 2021 results on August 11. Revenue increased 29% from the previous year to $ 13.7 million. During that time, it posted a record gross profit of $ 12.1 million. This is a crypto stock worth picking up, as it is approaching its lowest price for 2021.
The post 3 Crypto Stocks Up 150% or More Over the Past Year Appeared First on The Motley Fool Canada.
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Foolish contributor Ambrose O’Callaghan has no position in the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.