In 2021, crypto stocks reported record highs as the cryptocurrency boom resulted in massive trading activity. However, this year, the cryptocurrency downturn has been significant. In just 7 months, investors have witnessed severe drops in countless cryptocurrencies with an estimated $2 trillion in losses.
Despite an extremely bearish market, coin prices and crypto stocks are rebounding once again, leaving many bullish on the possibility of a market rebound soon. In this article, we look at 2 of the most active crypto stocks today – Riot Blockchain, Inc. (NASDAQ: RIOT) & Marathon Digital Holdings, Inc. (NASDAQ: MARA)…
Crypto Stocks #1: RIOT
As an industry leader in Bitcoin mining & hosting, Riot Blockchain, Inc. (NASDAQ: RIOT) is focused on a vertically integrated strategy with data center, Bitcoin mining, electrical switchgear engineering, and fabrication operations across the country.
As of July 6th, the company announced several milestones in terms of its production and operations for the month of June. RIOT produced 421 BTC – an increase of almost 73% compared to the production of only 243 BTC in the year-ago period. Additionally, the company held almost 6,654 BTC from its self-mining operations and sold 300 Bitcoin – ultimately generating $6.2 million in net proceeds.
While the company currently has a deployed fleet of 42,455 miners – with a hash rate capacity of 4.4 exahash per second (EH/s). By Q1 2023, RIOT anticipates a total self-mining hash rate capacity of 12.5 EH/s, assuming full deployment of around 115,450 Antminer ASICs…
Since its last monthly update, RIOT received an extra 1,273 new S19j Pros, and deployed 4,676 S19j Pros in its immersion-cooled buildings with an additional 6,324 miners staged for deployment. Additionally, shipments of 6,333 S19j Pros have been initiated out of Bitmain and are expected to be received during July 2022. Upon deployment of the staged miners, the company expects to have a total of 48,779 miners deployed with a hash rate capacity of approximately 5.0 EH/s.
With these operations in place along with the company’s consistent growth efforts, RIOT’s vision centers around becoming the world’s leading Bitcoin-driven infrastructure platform. With this mission in mind, the company intends to positively impact various sectors, networks and communities.
As a result of its recent run-up, RIOT hit a resistance point at 6.86 but has now cooled off and is trading at $6.24. The stock shows support points at 5.54 and 4.78. Accumulation has been climbing steadily for the past several weeks as bullish investors secured positions on this undervalued stock. However, it is now trending downwards as investors cash out for profits following the run-up.
MACD is bullish but seems poised for a bearish crossover. Meanwhile, the RSI is cooling off now after being overbought at 82 earlier today. On a downward trend, RSI is holding at 73. These technicals show the stock losing some of its momenta after its recent run-up. Given that the stock is now trading near its support, bullish investors could secure positions now and average down on their investment from there…
Crypto Stocks #2: MARA
Marathon Digital Holdings, Inc. (NASDAQ: MARA) is a digital asset technology company that focuses on supporting & securing the Bitcoin ecosystem. Currently, the company is focusing all its efforts on becoming one of the largest & most sustainably powered Bitcoin mining operations in North America – all while remaining asset-light.
As part of its growth initiatives, MARA recently entered into a five-year hosting contract with Applied Blockchain, Inc. (NASDAQ: APLD) for 200-Megawatts of Bitcoin mining capacity. Under the terms of the agreement, MARA’s Bitcoin miners will utilize comprehensive hosting services at Applied Blockchain’s owned and operated co-hosting datacenters.
MARA’s Chairman & CEO Fred Thiel believes that:
This new agreement with Applied Blockchain is instrumental in helping us achieve our target of 23.3 exahashes per second of compute power for Bitcoin mining in 2023″
On July 5th, MARA expanded its hosting arrangements with Compute North to include an additional 42 megawatts of hosting capacity at its Texas facility. With this expansion, MARA would have an additional 14,000 miners at this facility, bringing the total number of miners to around 26,000 miners – representing almost 3.6 EH/s. The company intends to install all 26,000 miners at this facility before the EOY.
In addition to the new agreement with Applied Blockchain and the expansion with Compute North, MARA also secured an additional 12 megawatts of hosting capacity with a variety of other providers. Wth these hosting providers, the company expects to install an extra 4,000 miners – representing almost 0.8 EH/s – as soon as August of this year.
Following a similar trend to RIOT, MARA is now trading at $9.75 after its run-up formed a new resistance point at 10.94. Ever since it saw an increase on the 8th, Accumulation has been relatively steady for the past few weeks. Meanwhile, the MACD is recently bullish but is approaching a bearish crossover soon. The RSI is cooling off at 73. Despite being overbought on 86, it is on a downtrend and could cool off in the coming days indicating the stock is stable to trade.
Even though the crypto market remains quite shaky, many are bullish that a rebound is imminent. This is why buying the dip could generate MASSIVE returns in the coming months. As the market rebounds, get alerts on the best crypto stocks to buy before they even RUN!!
As always, good luck to all (except the shorts)!
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Disclosure: We have no business relationship with any company whose stock is mentioned in this video. Viral Stocks is not an investment advisor and this video does not provide investment advice. Always do your own research, make your own investment decisions, or consult with your nearest financial advisor. This video is not a solicitation or recommendation to buy, sell, or hold securities. This video is our opinion and is meant for informational and educational purposes only and does not provide investment advice. Past performance is not indicative of future performance.