Key Insights
- Top crypto stocks have jumped sharply in the past few weeks.
- Bitcoin price jumped above $80,000 and may continue rising.
- Some of the top crypto stocks to watch are Circle, BitMine, and Robinhood.
Crypto stocks rallied on Sept. 3 after Bitcoin reclaimed the $80,000 threshold and broader risk appetite improved.
Bitcoin jumped about 4.4% to around $80,729 and briefly reached approximately $81,378 during Thursday trading. Robinhood, Coinbase, Circle and BitMine all recorded substantial gains as cryptocurrency prices recovered alongside falling Treasury yields.
Market sentiment has also improved substantially since August. However, the Crypto Fear and Greed Index currently stands at 65, classified as Greed, rather than the 78 reading cited in the original draft.
Among crypto-linked equities, Circle, BitMine and Robinhood have separate catalysts beyond Bitcoin’s latest recovery. Their outlooks remain closely connected to stablecoins, Ethereum and blockchain-based financial infrastructure.
Circle Stock to Benefit Amid USDC Inflows and Rising Bond Yields
CRCL stock has done well in the past few weeks and is now trading at the highest level since June 2nd this year. It has soared by 75% from its lowest level in July, helped by the ongoing crypto bull run.
The crypto rally has drawn investors back to the industry, leading to a significant increase in stablecoin deposits. For example, DeFi Llama data show that USDC in circulation has jumped to over $73.8 billion, well above last month’s low of $72 billion. Despite this increase, the amount remains well below the all-time high of $80 billion.
Circle is also benefiting from the elevated bond yields as concerns about the state of the economy continue. For example, data show that the 10-year yield has soared to 4.75% and is about to cross the important resistance level of 5%.
Another catalyst that may boost CRCL stock is the upcoming Arc Layer 1 launch, scheduled for later this month. Based on the recent performance of Robinhood Chain, there is a likelihood that the network will also gain substantial assets.
Technically, CRCL stock is about to form a mini golden cross, which forms when the 50-day and 100-day moving averages are near a crossover. The Average Directional Index (ADX) has continued to rise, suggesting it has more upside.
BitMine Stock to Benefit as Ethereum Accumulation Nears its End
The BMNR stock price is also set to benefit as Ethereum continues rising, moving from a low of $1,500 to $2,500. This surge has brought the value of BitMine’s Ethereum holdings to over $14 billion. The rally has more room to continue as it has formed a golden cross pattern.
Most notably, BitMine is nearing the end of its Ethereum accumulation after buying over 5.9 million coins. It now has less than 100,000 coins to buy, something that may end this month. This means it will stop diluting soon and become a major free-cash-flow company. It will make staking revenue a notable cash-flow driver, since the company has fewer than 10 employees.
Technicals also suggest that the BMNR stock has some more upside ahead. It has formed a mini golden cross as the 50- and 100-day moving averages cross. This rally may push it to the next key resistance level of $34.
Robinhood Stock to Benefit as Key Catalysts Align
HOOD stock has rebounded in the past few months and is now hovering at its highest point since December last year. It has jumped above the key resistance level of $111.9, its highest point on August 25.
HOOD will benefit from the ongoing growth of Robinhood Chain, with total value locked (TVL), stablecoin volume, and decentralized exchange (DEX) volume continuing to rise.
The company’s business is also doing well, with the revenue continuing to grow. Analysts expect its annual revenue to jump 15% this year to $5.19 billion, then $6.55 billion next year. These numbers mean that its growth will continue in the near term.
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