The crypto market experienced a strong bullish run following the victory of Donald Trump in the November 5 election polls in the United States.
Major crypto assets like Bitcoin and Dogecoin surged in price value with Bitcoin smashing its all-time high of several months and going as high as $89,000.
Donald Trump’s victory was seen as a major win for the crypto industry due to his Pro-crypto stance throughout his campaign and his promise to make the United States the world’s leader in crypto.
Cryptocurrencies were not having all the fun alone. Crypto stocks also surged following Donald Trump’s emergence as the winner of the Presidential election Polls.
Spot Bitcoin and Ethereum Exchange-traded funds witnessed positive inflows indicating an increase in the activities and risk appetite of institutional investors.
This was also reflected in Crypto stocks as most of them went up in value during the election week.
In this Nairametrics article, we are going to look at the Top 10 crypto stocks that surged since Donald Trump won the elections.
Before we do that let us briefly look at crypto stocks and what they mean in general.
What are Crypto Stocks?
“Crypto stocks” is a term that generally refers to stocks of companies that are involved in the cryptocurrency and blockchain space, either directly or indirectly. These companies may operate in areas like cryptocurrency mining, blockchain technology development, crypto exchanges, or businesses that are adopting blockchain and crypto as part of their operations.
There are various examples of companies that could be considered crypto stocks. They include
1. Cryptocurrency Exchanges
These are companies that facilitate the buying, selling, and trading of cryptocurrencies. Examples of such companies are Coinbase and Robinhood.
2. Crypto Mining Companies
These companies focus on the mining of cryptocurrencies, a process that involves using powerful computers to solve complex algorithms in exchange for rewards in the form of cryptocurrencies. Examples of such companies include Riot platforms, Marathon digital holdings, and Hive blockchain technologies.
3. Blockchain Technology Companies
These companies develop blockchain technology, which underpins cryptocurrencies like Bitcoin and Ethereum. Blockchain is a decentralized ledger system that has applications beyond just cryptocurrencies, including supply chain management, finance, and more. Examples are Square and Nvidia.
Top 10 crypto stocks that surged since Donald Trump won the elections
Here are the top crypto stocks according to Tipstracker that surged after Donald Trump’s win and remain as so in the market today.
Microstrategy
Microstrategy is the largest corporate holder of Bitcoin and its stock witnessed a whopping 606.26 % rise in the first week of November.
The Chairman of the company Michael Saylor is a staunch Bitcoin believer and respected voice in the crypto industry.
The rise in Microstrategy stocks could be tied to the impressive performance of Bitcoin this month.
Microstrategy stock rose by 606.26% and is currently trading for $356.59
Coinbase Global
Coinbase is a leading crypto exchange quite popular in the United States. The stock of the company was the second-highest performer in the first week of November following Donald Trump’s election win.
Coinbase global stocks surged by 244.48% and is currently trading for $319.13
Nvidia
The third on the list is Nvidia a chip-making and blockchain technology company. Nvidia led by Jensen Huang had a very impressive year and that continues up till November.
Nvidia crypto stock surged by 205.12% and is currently trading for $148.29
Marathon Digital holdings
Marathon Digital Holdings is a leading crypto mining company with a special focus on Bitcoin. Stocks of the mining company rallied following Donald Trump’s election victory.
Marathon Digital Holdings witnessed its stock surge by 174.84% and is currently trading for $25.23
Silvergate Capital
Silvergate Capital used to be a California-based community bank that launched in the late 1990s, but a decade ago, it also pivoted into cryptocurrencies to offer traditional financial services to crypto companies, including exchanges.
The stock of the company surged by 71.88% on Election week and is currently trading for 0.55$
Block
Block, Inc. is an American technology company offering financial services to consumers and businesses. The company was founded by Jack Dorsey the founder of X and has significant crypto holdings.
Block stocks soared during the election week surging by 67.72% and currently trading for $87.25.
Paypal holdings
Paypal the giant payment processor pivoted into crypto with the launch of its stablecoin PYUSD. The platform has also integrated payment I. Crypto a long time ago and made this available to its global users.
The payment giant stocks surged too on the election week rising by 58.85% and currently trading for $86.40.
Riot Platforms
Riot Platforms a leading crypto mining company is also on the list of the crypto stocks that surged following Donald Trump’s election win.
The stock of the company surged by 47.60% in the first week of November and is currently trading for $14.45
Hut 8
Hut 8 Mining Corp serves as one of North America’s largest Bitcoin miners and a leading vertically integrated operator of large-scale energy infrastructure.
The company mines Bitcoin, provides data center services and offers high-performance computing (HPC) infrastructure.
Hut 8 stocks made the list because it surged days after Donald Trump’s election. Hut 8 stocks surged by 25.84% and is trading for $23.86
Robinhood
Robinhood is a leading trading platform in the finance world which later added crypto trading to its portfolio. The app is quite popular amongst traders around the world and is quite prevalent in Nigeria as well.
Robinhood stocks surged by 18.53% days after the US election and is currently trading for $33.
What to Know
- A key unique value proposition of crypto stocks is that most of them are not pure plays on the industry, so investors have the reward of ample diversification.
- Crypto stocks are volatile just like Crypto coins and caution is advised while investing in them.