5 Blockchain Stocks to Invest in April 2023

The blockchain technology that underpins Bitcoin (BTC) and other cryptocurrencies may have far-reaching applications outside of the cryptocurrency industry.

Many companies around the world are optimistic about the potential of blockchain technology as a secure means of doing business and sharing data. Shares issued by such entities allow investors to gain exposure to the emerging cryptocurrency market without having to purchase Bitcoin or other cryptocurrencies directly.

It is worth noting that not all blockchain stocks are cryptocurrency stocks. Some blockchain stocks are crypto exchanges or Bitcoin miners, while others are huge financial institutions or well-established tech companies working on blockchain technology.

That said, here are five popular blockchain stocks worth keeping an eye on for April 2023 investments as we reach the end of Q1 2023.

Coinbase (NASDAQ:COIN)

Coinbase is a popular cryptocurrency exchange that allows users to buy, sell and store various cryptocurrencies. The company was listed on the stock exchange in April 2021, and the share has since been available for trading on the open market. The share has experienced significant price fluctuations since the listing.

As with all stocks, the value of Coinbase stock can be affected by various factors such as market trends, company performance and investor sentiment. Since the start of 2023, COIN stock has risen +30.56 (90.95%) year-to-date and is currently changing hands at $64.16, benefiting from the 2023 Bitcoin price rally.

COIN has been assigned a recommendation of “neutral” by most analysts working on Wall Street. Significantly, 9 analysts out of the 28 have recommended a “strong buy.” Eleven analysts had given a ‘hold’ rating, two a ‘sell’ and six a ‘strong sell’.

The average price estimate for COIN shares for the next 12 months is $70; this target represents an upside of 9.1% from today’s price. It is interesting to note that the maximum price forecast for the next year is $200, which represents a gain of 211.72% from the stock’s current price.

Robinhood (NASDAQ:HOOD)

IPOed in July 2021, Robinhood stock is a stock and cryptocurrency trading platform that offers commission-free trading for stocks, options and cryptocurrencies. While Robinhood does not specialize in blockchain technology, it does offer the ability to trade various cryptocurrencies, including Bitcoin, Ethereum (ETH), and Dogecoin (DOGE).

However, it is important to note that Robinhood is not a blockchain stock. Instead, it is a technology company that offers an online trading platform with the ability to trade cryptocurrencies.

Overall, Robinhood’s business model focuses on providing easy access to financial markets and investment opportunities rather than blockchain technology. Since the start of the year, HOOD has risen +$1.38 (17.08%), changing hands at $9.46.

On Wall Street, Robinhood has been assigned a “neutral” rating. Four analysts out of the 14 have recommended a “strong buy”, while seven have advocated a “hold”. One analyst has given a “sell” rating and two a “strong sell”.

The average price estimate for HOOD stock for the next 12 months is $12.25; this target represents an upside of 29.49% from today’s price. It is interesting to note that the maximum price forecast for the next year is $25, which represents a gain of 164.27% from the stock’s current price.

PayPal (NASDAQ: PYPL)

PayPal Holdings, Inc. is a digital payment platform that has also integrated cryptocurrency into its operations. In 2020, PayPal allowed its users to buy, hold and sell Bitcoin and other cryptocurrencies directly from their PayPal accounts.

As it stands, Paypal is -$0.19 (-0.25%) so far this year, although it has risen +2.47 (3.43%) over the past five days to trade at $74.39.

Over the past three months, PayPal has been given a consensus “strong buy” rating based on 48 analysts’ ratings. The average price target for the stock is $98.97, which is a 33.04% increase from the stock’s current price.

NVIDIA (NASDAQ:NVDA)

NVIDIA Corporation is a technology company that manufactures graphics processing units (GPUs) and other hardware. The GPUs are popular among cryptocurrency miners, who use them to solve complex mathematical equations and earn cryptocurrency rewards. Nvidia is currently trading at $273.83, +$130.68 (91.29%) year to date.

Elsewhere, Nvidia has earned a “buy” consensus rating from a collective of 47 Wall Street analysts rating the company based on its performance over the past three months. NVDA stock has an average price target for the next 12 months of $275.82, a small increase from today’s price of just 0.73%.

Riot Blockchain (NASDAQ: RIOT)

Riot Blockchain, Inc. is a company focused on cryptocurrency mining and development of blockchain technologies. Its primary focus is on Bitcoin mining, and the company has invested heavily in Bitcoin mining hardware and infrastructure.

Since the start of 2023, RIOT is up +$5.77 (171.22%) year to date, trading at $9.14 at press time.

Interestingly, 9 out of 10 analysts providing ratings for RIOT have given the stock a “strong buy” rating, while the only other stock market expert has given the company a “hold” rating.

Specifically, for the next 12 months, the stock has an average price target of $9.38, up 2.57%.

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