3 Top Cryptocurrency Stocks to Watch in 2023

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.

Source: Admirals MetaTrader 5, COIN.US, Daily - Data range: from 14 Apr 2021 to 21 Feb 2022, performed on 21 Feb 2022 at 10:30 am GMT. Please note: Past performance is not a reliable indicator of future results. Last five-year performance not available.

The price action of Coinbase’s share price since its initial public offering (IPO) in April 2021, has been fairly volatile and choppy. Currently, it sits around 40% lower than the opening price of the stock during its IPO.

The recent decline in the cryptocurrency sector has also affected Coinbase’s share price and many other cryptocurrency stocks. However, these price levels could provide long-term opportunities for disciplined investors who risk manages well.

According to 20 analysts polled by MarketBeat, the overall sentiment is still bullish with the highest price target on the stock being $600.00 and the lowest price target being $220.00. This provides an average rating on the stock of around $373.72, just below the IPO price of around $381.00.

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.

Source: Admirals MetaTrader 5, SQ, Monthly - Data range: from 1 Nov 2015 to 21 Feb 2022, performed on 21 Feb 2022 at 10:30 am GMT. Please note: Past performance is not a reliable indicator of future results.

The decline in Square’s share price has coincided with a sharp selloff and bear market in cryptocurrencies. General risk-off sentiment at the beginning of the year hasn’t helped the stock price either.

According to a poll of 36 analysts from MarketBeat, the lowest price target is $140.00 and the highest price target is $371.00. In February, analysts at both Bank of America and Citigroup initiated buy ratings on the stock with a price target between $185.00 and $220.00.

Currently, Square’s share price is trading well below the lowest price target and is currently retesting a previous multi-year high around the $100.00 price level.

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.

Source: Admirals MetaTrader 5, PYPL, Monthly - Data range: from 1 Dec 2017 to 21 Feb 2022, performed on 21 Feb 2022 at 10:30 am GMT. Please note: Past performance is not a reliable indicator of future results. 

From the end of 2021, PayPal’s share price has collapsed more than 70% from its all-time high. One of the triggers was a disappointing earnings report in which executives provided weak earnings guidance for 2022.

This was on the back of an announcement that the company has seen user growth slowing down due to the impact on consumer spending from higher inflation and supply chain issues. However, the company’s push into the crypto space and other fintech ventures has kept analysts cautiously bullish.

According to 41 analysts polled by MarketBeat, the highest price target for the stock is $350.00 with the lowest price target for the stock at $130.00. At the time of writing the currency price was trading just above the $100.00 price level.

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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, 21 February 2022 

When to Invest in Crypto Stocks? 

You now have a list of crypto stocks to watch. However, knowing when to time your investments can be challenging. This is why many investors use a combination of fundamental analysis and technical analysis. 

Technical analysis can take some time to learn properly. Fortunately, Admirals provides you with a potential solution in finding actionable technical analysis trading ideas on thousands of different financial instruments through the Technical Insight Lookup indicator.

You can access this from the Premium Analytics section in the Dashboard.

Source: Premium Analytics, 21 February 2022 

You can search thousands of different instruments and the indicator will find the different technical analysis events taking place on that market. These are categorised by short-term, intermediate-term and long-term events.

Each event also has a technical description and a small chart explaining what the pattern or indicator is depicting. This is a great way to learn more about technical analysis! 

For example, the screenshot above shows a search for Coinbase stock. Currently, there are 11 technical events taking place on the stock price. Each of the events is explained through the visual charts which you can click for more detail and explanation.

Check out this indicator for yourself from the Admirals Premium Analytics section! 

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Why Invest in Crypto Stocks with Admirals? 

✔️ Admirals is a well-established company authorised and regulated by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Jordan Securities Commission (JSC) and other well-known financial regulators. 

✔️ ️ 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! 

✔️ Access stocks from 15 of the largest stock exchanges in the world including NYSE, NASDAQ, LSE, Euronext and others! 

✔️ Trade on stock CFDs (contracts for difference) to trade long and short and potentially profit from rising and falling markets.

✔️ Supercharge your trading with the state of the art Premium Analytics section which includes the Technical Insight Lookup indicator which finds actionable technical analysis trading ideas for you.

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  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.
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