Best Cryptocurrency Exchange App

Why Bitcoin- And Ethereum-Related Stocks Are Trading Lower Today – Bitcoin – United States Dollar ($BTC)

Why Bitcoin- And Ethereum-Related Stocks Are Trading Lower Today
Written by publisher team

Shares of many cryptocurrency-related companies, including Coinbase Global Inc (NASDAQ: currency), Marathon Digital Holdings Inc (NASDAQ: MARA) and Riot Blockchain Inc (NASDAQ: RIOT), is trading lower on Wednesday in sympathy with the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

The two largest cryptocurrencies are heading lower since hitting all-time highs at the beginning of November.

SEE ALSO: Will Bitcoin Retest the $42K Level From Here Or Go Up? Here’s what 4 experts say

In a new research note, Goldman Sachs analyst Zach Pandl said that Bitcoin is likely to take market share from gold in 2022 amid increased adoption of digital assets.

Goldman Sachs analyst believes that Bitcoin currently holds 20% of the “store of value” market. He expects Bitcoin to grow and notes that if it reaches 50% of the market share, it will likely trade above $100,000.

“Bitcoin may have applications beyond a mere ‘store of value’ – and the digital asset market is much larger than Bitcoin – but we believe that comparing its market capitalization to gold can help set standards for reasonable outcomes for Bitcoin returns,” Pandl said.

  • Coinbase is the leading cryptocurrency exchange in the United States. The company is a provider of comprehensive financial infrastructure and technology for the crypto economy. The stock is down 3.96% to $240.25 at press time.
  • Marathon Digital focuses on mining digital assets. She owns cryptocurrency mining machines and a data center for mining digital assets. The shares are down 8.82% at $31.15 at press time.
  • Riot Blockchain focuses on building, supporting and operating blockchain technologies. The stock is down 7.83% to $22.47 at press time.

BTC and ETH price action: At press time, Bitcoin is down 0.44% at $45,972 over a 24-hour period, and Ethereum is down 0.67% at $3,746 over a 24-hour period.

Photo: christopher_muschitz from Pixabay.

About the author

publisher team