Story Highlights
- Wall Street has taken a positive tone for Canaan Inc., with an expectation of around a 10% stock surge.
- Canaan has continued to get significant purchase orders from important partners in the cryptocurrency mining industry.
- Keeping the stock market up, the Bitcoin price surge also helped crypto and blockchain-based stocks rise.
Blockchain and crypto-based stocks have performed exceptionally well since the surge in Bitcoin prices. Apart from viewing others as a good opportunity, Wall Street is exceptionally bullish on one. According to a recent Nasdaq report, Wall Street has taken a positive tone for Canaan Inc., with an expectation of around a 10% stock surge.
Canaan to Likely See 10% Stock Surge
According to a Barchart report published on Nasdaq, stocks in the blockchain and cryptocurrency space are rising. A number of the industry’s leading names, such as Marathon Digital (MARA) and Microstrategy (MSTR), are currently trading at or over Wall Street’s mean price estimates. Analysts predict that small-cap Canaan Inc. (CAN) could also have strong upside potential in the upcoming year. At present the stock is expected to see a 10% surge in the future.
The report further highlights that Canaan has continued to get significant purchase orders from important partners in the cryptocurrency mining industry, despite the significant risk posed by the overhang of strained U.S.-China tech relations. These agreements highlight the business’s prowess in the production of mining equipment and put Canaan in a favorable position to profit from the use of cryptocurrencies like Bitcoin. Therefore, the blockchain firm’s growth trajectory is expected to continue, according to Wall Street experts, even though the China-based cryptocurrency stock hasn’t yet gained any traction on the market. The stock is rated as a “Strong Buy” by both of the analysts covering it.
Read Also: Ethereum’s Vitalik Buterin Reacts to Memecoin’s Parabolic Surge
Bitcoin Prices Also Keep Stocks up
This week saw a sharp increase in Bitcoin prices. The original cryptocurrency had reached the significant milestone of $63K thanks to a market surge. Supply shock and the demand for Bitcoin ETFs were the major factors in the price increase.
Keeping the stock market up, the Bitcoin price surge also helped crypto and blockchain-based stocks rise. For instance, Coinbase has been up nearly 20% in the past week. Additionally, MicroStrategy saw a rise of over 50% in the past five trading days. In the same positive tone, Marathon Digital has a 10% ascending trajectory during the week’s trade.