3 Top Cryptocurrency Stocks to Watch in 2024

Jitanchandra Solanki
12 Min read

With the cryptocurrency market cap exceeding $2 trillion last year, it’s clear to see why investors are keen to try and capitalise on the growth in digital assets.

While cryptocurrencies are generally quite volatile, many investors are choosing to focus on cryptocurrency stocks – public companies that are directly or indirectly involved in cryptos.

In this article, we go through the top cryptocurrency stocks to watch this year and how you can start investing with competitive commissions.

3 Top Cryptocurrency Stocks to Watch List 

Below is a list of the best cryptocurrency stocks to watch this year. We analyse them in more detail further below and look at the prospects and risks of each stock. Of course, we can never know what will be the ‘best’ until the future but we can analyse the fundamentals of a company to provide an edge on whether it is likely to grow in the long term or not.

  1. Coinbase 
  2. Square 
  3. PayPal 

Now let’s have a look at each one of these in more detail and learn how you can invest in them with low fees.

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Cryptocurrency Stocks Research & Analysis 

In the companies listed above detailing the best crypto stocks to watch this year, each company is involved in crypto in a different way. Some help to facilitate the adoption of cryptos in real-world use, others help to facilitate the buying and selling of individual cryptocurrencies and there are those who merely capitalise on the blockchain technology that cryptos are built upon.

Coinbase (COIN.US)

Coinbase only launched in April 2021 but is now considered to be one of the world’s most recognised cryptocurrency exchanges. It aims to help users buy, sell and store cryptocurrencies and has plans to become the world’s number marketplace for NFTs (non-fungible tokens).

The company makes most of their revenue from the fees received when its users make a transaction on a cryptocurrency. Therefore, Coinbase’s growth is highly dependent on the growth of the cryptocurrency sector.

However, Coinbase has grown exponentially and now also offers private client services to family offices and ultra-high net worth individuals, as well as solutions for e-commerce companies and businesses.

Square (SQ) 

Square (which changed its name to Block Inc at the end of last year), was co-founded by Twitter founder Jack Dorsey. The company has pushed aggressively into a variety of different businesses which include crypto, music streaming, payment services and stock and crypto trading.

The business is heavily reliant on its crypto revenue. In the latest earnings report released at the end of 2021, third-quarter sales came in lower than analyst expectations due to a drop in Bitcoin-related revenue. 

The total revenue from sales of Bitcoin amount to $1.82 billion – 47% of the company’s total sales. However, these sales only generate 3.7% of Square’s gross profit for the quarter. Nonetheless, it’s clear to see the potential growth the company has in the cryptocurrency sector. 

Square is now looking to build more products and services related to the buying and selling of Bitcoin and other cryptocurrencies. The company bought $170 million worth of Bitcoin in February 2021.

PayPal (PYPL) 

Since the end of 2020, PayPal has made a big push into the cryptocurrency space. With PayPal, you can now buy, sell and store cryptocurrencies including major coins such as Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).

Last year, PayPal also launched a peer to peer crypto payment app called Venmo. For the future, the development team are already building new shopping features to pay with crypto and a savings account.

With more than half of its users opening the app every day, cross-selling other products could be an instant revenue generator for the company. PayPal has also explored the launch of its very own stable coin called PayPal Coin, although this is in the very early stages.

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How to Invest in Cryptocurrency Stocks 

To start investing in crypto stocks you first need a live account which you can open with Admirals in just a few minutes.

Below is a step by step process on how to start investing in crypto stocks from the MetaTrader 5 web platform.

  1. Login to your Admirals account to gain access to the Dashboard. This area allows you to manage your different accounts, access deposit and withdrawal options and premium analytic features.
  2. From the Dashboard, click on the Trade icon next to your account name to open the MetaTrader 5 web-based trading platform.
  3. To view a live price chart and trading ticket, type in the name of the instrument at the bottom of the MarketWatch window. Then drag the instrument name onto the chart where you can then access technical trading indicators and view different timeframes.
  4. To open the trading ticket, right-click on the chart, select Trading and then New Order. You can now enter your entry, stop loss and take profit levels and contract size for risk management.
Source: Admirals MetaTrader 5 Web, 22 December 2023

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Why Invest in Crypto Stocks with Admirals? 

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✔️ ️ Open an Invest.MT5 account to invest in stocks to build a long-term portfolio with low commissions on US stocks of just $0.02 per share and low transaction fees of just $1! 

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  1. This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research. 
  2. Any investment decision is made by each client alone whereas Admirals shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content. 
  3. With view to protecting the interests of our clients and the objectivity of the Analysis, Admirals has established relevant internal procedures for prevention and management of conflicts of interest. 
  4. The Analysis is prepared by an independent analyst, Jitan Solanki, (hereinafter “Author”) based on personal estimations.
  5. Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admirals does not guarantee the accuracy or completeness of any information contained within the Analysis. 
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