Blockchain stocks to watch as crypto touches US$1 trillion market cap

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Blockchain stocks to watch as crypto touches US$1 trillion market cap

 Blockchain stocks to watch as crypto touches US$1 trillion market cap
Image source: © Limbi007 | Megapixl.com

Highlights

  • The crypto market cap stood at US$1.01 trillion at 12:03 PM (GMT +1) on 18 July, with a total crypto market volume over the last 24 hours at US$80.60 billion.
  • Cardana founder Charles Hoskinson said blockchain technology could open plenty of possibilities to transform the world, including how the government operates globally.

For quite some time, the crypto market was gripped under extreme bearishness, resulting in an overall market cap tumbling under US$1 trillion in May this year. On 18 July, the crypto market cap reclaimed its US$1 trillion market cap, courtesy of a rally of over 4%, raising hopes of sunnier days ahead. The crypto market cap stood at US$1.01 trillion at 12.03 PM (GMT +1) on Monday, with a total crypto market volume over the last 24 hours at US$80.60 billion.

Leading cryptos, such as Bitcoin, Ethereum, Cardano, etc., witnessed green after a long time, bringing smiles to the faces of the market participants. In fact, Bitcoin was up by 31.14% and was trading at US$22,041.39, while Ethereum was up by 8.45% and was trading at US$1476.39, and Cardano was placed at US$0.488 with a rally of over 7.55, according to CoinMarket Cap. 

Blockchain technology could open plenty of possibilities to transform the world.

The rise of cryptos also means good news for blockchain industries, and now they may see increased interest amidst the rally. Cardano (ADA) founder Charles Hoskinson said that blockchain technology could open up a plethora of opportunities that would transform the industry. 

Hoskinson had said blockchain technology would create a situation where all the government’s tax revenue is open source, making it easy for the public to see from where the government is making money and where it is going.

So, as the crypto market reclaims the US$1 trillion mark, let us look at 3 FTSE-listed blockchain stocks.

Quantum Blockchain Technologies Plc (LON: QBT

The share of the FTSE AIM All-Share-listed blockchain investment company was trading up by 5.88% at GBX 1.80 as of 18 July 2022, at 11:30 AM (GMT+1). The firm, which deals in R&D and investment programmes, has given its investors a positive return of 80.23% over the last 12 months. However, its YTD return stood at -43.84%. Quantum’s overall market cap stood at £16.96 million on Monday.

Argo Blockchain Plc (LON: ARB

The market cap of a world-leading cryptocurrency miner, Argo Blockchain Plc, stood at £160.55 million on Monday. The company’s shares were up by 7.14% at GBX 36.00, as of 18 July 2022, at 11:30 AM (GMT+1). It has given its investors a negative return of -64.91% over the last 12 months, while its YTD return stood at -63.41%.

Online Blockchain Plc (LON: OBC

The FTSE AIM All-Share-listed blockchain research and development company’s shares were trading at GBX 15.00 as of 18 July 2022, at 11:40 AM (GMT+1). The company has given its investors a negative return of -4.60% over the last 12 months. However, its YTD return stood at -4.61%. Online Blockchain Plc’s market cap stood at £2.14 million on Monday.

Note: The above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.

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