Top 5 Crypto Stocks To Watch Ahead Of US Election 2024

Investors eagerly await the US Election, seeking clarity on its potential impact on the financial markets. Notably, market enthusiasts are keeping

As the US Election nears, market participants are keeping a close track of digital assets and crypto stocks. Here's a glance at the top 5 crypto stocks to watch ahead of the Election 2024.

Coinbase (COIN) Crypto Stock Gains AttentionCoinbase, one of the leading crypto exchanges, has gained notable traction lately among market participants. Besides, the COIN stock has also caught the eyes of investors, as evidenced by the surge in its prices through 2024.

Meanwhile, the crypto exchange has created a buzz in the market, after it secured a major win in the FOIA case against the US FDIC, which has also sparked speculations. Notably, the crypto stock closed at 1.85% higher on November 4 at $186.27, while noting a year-to-date (YTD) gain of over 11%.

However, the exchange also faced backlash from the crypto community recently. For context, CEO Brian Armstrong in a recent statement claimed that “assets listings on Coinbase are free”, which many in the community denied. Tron Founder Justin Sun said that the firm was required a 500 million TRX deposit, valued at around $80 million, and $250 million in BTC custody, refuting Armstrong's claims.

Robinhood (HOOD) Soars Amid Recent DevelopmentsThe leading commission-free trading platform, Robinhood appears to have become one of the investors’ go-to crypto stocks. The HOOD stock price closed at 1.46% higher on Monday at $24.32, with YTD price noted a jump of nearly 97%. This showcases the increasing confidence of the investors in the stock.

Recently, the brokerage platform appears to be shifting its focus towards the top meme coins. For context, Robinhood has recently added PEPE Coin transfers, while also allowing Dogecoin withdrawal and deposits on its platform.

Simultaneously, Robinhood has also reported strong Q3 earnings results recently, which have sparked optimism among traders. In the third quarter, the firm’s crypto revenue went up by 165% to $61 million, indicating the growing investors’ participation.

MicroStrategy (MSTR) Among Top Performing Crypto StocksMicroStrategy and its co-founder Michael Saylor have been the hottest topics in the crypto town, with the firm’s increasing focus on Bitcoin. Notably, MSTR stock has also surpassed most of the other crypto stocks, as the investors appear to be lauding the company's BTC strategy.

Meanwhile, Michael Saylor also said that MicroStrategy aims to be the largest Bitcoin bank, which has bolstered market optimism. However, MSTR stock price declined nearly 3% to $222.99 on November 4, while noting a surge of over 3% in the pre-market trading today. Besides, in a recent forecast, Canaccord raised the MSTR price target from $173 to $300, keeping the “Buy” rating intact.

Canaccord cited MicroStrategy's plan to buy around $42 billion in BTC over the next three years for its bullish forecast. Notably, the MSTR stock skyrocketed more than 225% this year, indicating the growing confidence of the investors towards the crypto.

MARA Holdings (MARA): Top Crypto StockMarathon Digital is one of the leading Bitcoin mining firms, that has been on the investors’ radar lately. The MARA stock closed at $15.50 on Monday, down nearly 4%, but recorded a gain of around 3% today in the pre-market session and exchanged hands at $15.94.

However, like many other crypto miners, the firm's stock has struggled this year, especially after the Bitcoin halving event. Despite that, many industry pundits are optimistic about the firm's as well as the crypto stock's growth potential, given its recent focus on the AI space and other technology aspects.

Nvidia (NVDA) Rally Sparks Market OptimismNvidia is one of the leading technology firms that produces GPU chips. The firm's recent shift to AI has made it the investors' favorite, which also pushed its stock prices higher recently. Besides, it is also considered among the top crypto stocks by many, for its influence in the digital assets space.

For context, any positive developments tend to influence the crypto market performance, especially the top AI Coins. Meanwhile, the NVDA stock rose nearly 1% in the pre-market trading today and exchanged hands at $136.96. Notably, the stock has added nearly 184% on a YTD basis, reflecting the positive sentiment of traders around the stock.

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