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Many of the crypto and fintech stocks are heavily dependent on moves in the digital currency ecosystem and the current rebound mimics a similar trend that has encompassed the industry.
Crypto and financial technology (fintech) based stocks saw a massive rebound on Tuesday as the broader market experienced an encompassing resuscitation. With a very menacing depression in the stock market, crypto stocks showed signs that will make Wall Street remember them as a delight of retail investors.
Coinbase Global Inc (NASDAQ: COIN) saw a 5.43% growth to $237.23, as the American trading platform fights to regain balance after much price depression since it went public through direct listing last year April. Trailing in the path of Coinbase is Bakkt Holdings Inc (NYSE: BKKT) which recorded a 7.97% growth to $6.37 per share.
Galaxy Digital Holdings Ltd (TSX: GLXY) which trades on the Toronto Stock Exchange rose 8.50% to CAD22.72. The overall growth in the industry is comprehensive and Robinhood Markets Inc (NASDAQ: HOOD) also snapped up a gain of 5.12% to $16.41. Robinhood stock has slumped more than 70% since it attained its All-Time High (ATH) price back in August 2021.
That a comprehensive resuscitation is back to the market is good news for tech investors, and the question that is now being considered by analysts is the sustainability of these growth trends. In his bullish thesis for the crypto and fintech market sector according to a report by The Block;
“Market conditions were undoubtedly constructive in 1H21 with huge customer engagement and record trading volumes for any investment-related business,” said JMP’s Devin Ryan in his bullish thesis for the crypto and fintech market sector according to a report by The Block, “Bottom line, we expect 2022 will see big innovation, a separation of leading fintech platforms, and increasing utilization of social connectivity around customer engagement to create more of a community, differentiation, and customer brand affinity.”
That 2022 holds a better prospect in terms of key drivers of growth for companies operating in this space implies further growth can be recorded this year.
Crypto and Fintech Stocks Growth Trailed Rebound in Bitcoin, Altcoins
Many of the crypto and fintech stocks are heavily dependent on moves in the digital currency ecosystem and the current rebound mimics a similar trend that has encompassed the nascent digital assets industry.
Bitcoin has bounced back from its weekly lows of $39,796.57 attained earlier this week and is currently trading at a price of $42,802.45, up 2.40% in the past 24 hours according to data from CoinMarketCap. Ethereum is also parring off its losses for the week with a 4.62% gain to $3,251.99.
The uptick in the crypto industry is evident across the board as the top 15 altcoins according to market capitalization are seeing a price rejuvenation. With the high correlation between crypto and fintech stocks, one can hope that further growth in Bitcoin can stir a corresponding growth in other assets dependent on it.