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SkyWater Stock Analysis: Buy, Sell, or Hold?

by CoinNews
written by CoinNews

Fool.com contributor Parkev Tatevosian evaluates SkyWater Technologies (SKYT -4.69%) stock and lets you know whether investors should buy.

*Stock prices used were the afternoon prices of March 10, 2024. The video was published on March 12, 2024.

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.

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2 “Magnificent Seven” Stocks That Are Screaming Buys in March

by CoinNews
written by CoinNews

Less than three months into 2024, the usual suspects are lifting the stock market higher. The so-called “Magnificent Seven” (Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta Platforms, and Tesla) remain some of the hottest stocks on Wall Street.

But investors want to know which of these stocks, if any, remain screaming buys. Here are the two that I believe still have plenty of gas left in the tank.

A data center room, filled with artificial intelligence servers.

Image source: Getty Images.

1. Amazon

Topping my list is Amazon. Shares of the e-commerce leader are up 88% over the last 12 months, helping founder Jeff Bezos climb back atop the list of richest Americans.

But what puts Amazon at the top of my list isn’t its recent performance — it’s the company’s long-term prospects.

As the world’s top cloud services provider, Amazon Web Services (AWS) stands to reap enormous benefits from the artificial intelligence (AI) revolution. That’s because developers will look to AWS for support, guidance, and infrastructure to scale their AI-powered applications.

Simply put, hyperscalers like Amazon, Microsoft, Alphabet, and Meta Platforms own a significant portion of data centers globally, with some estimates putting the figure at 40% of overall capacity.

Financially, the effects of the AI revolution are already evident. In Amazon’s most recent quarter (the three months ending on Dec. 31, 2023), the company reported AWS revenue of $24.2 billion, which was up 13% from a year earlier.

Amazon’s new generative AI assistants like Q (a chatbot for businesses) and Rufus (an online shopping assistant) represent opportunities for Amazon to have its own ChatGPT moment. And, with 500 million Alexa-enabled devices already sold, Amazon already has a hardware foothold in many households. It simply needs the software buzz to truly capture the moment.

In any event, Amazon’s combination of fantastic leadership, outstanding financials, and leading market share in cloud services make it a screaming buy in my book.

2. Nvidia

Yes, Nvidia is still a screaming buy, too. I know that might be hard to believe, with shares recently up an astounding 600% in only 18 months.

However, just like how the result of one coin flip doesn’t impact the outcome of the following one, Nvidia’s unbelievable last 18 months say nothing about where the stock is headed. In a nutshell, past performance doesn’t imply future returns.

There is, however, one interesting trend that potential investors should keep in mind: That’s the company’s valuation. And contrary to what you might think, Nvidia’s shares keep getting cheaper — not more expensive.

In fact, as you can see in the chart below, Nvidia’s forward price-to-earnings (P/E) ratio has decreased by more than 50% over the last three years.

NVDA PE Ratio (Forward) Chart

NVDA PE ratio (forward) data by YCharts.

And P/E ratios are volatile because they’re based on either trailing earnings or future earnings estimates — meaning they often soar or collapse around earnings announcements, as you can see in the chart above.

At any rate, Nvidia’s forward P/E ratio has significantly dropped because analysts expect the company to score from rising sales of its graphics processing units (GPUs), which are used to power many of today’s cutting-edge AI applications.

In summary, investors shouldn’t shy away from Nvidia just because its stock has been on a tear. To the contrary, Nvidia’s future looks bright thanks to the skyrocketing demand for AI chips. Granted, its not a stock for every investor. But for those who are willing to buy and hold, Nvidia could still be a screaming buy right now.

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Jake Lerch has positions in Alphabet, Amazon, Nvidia, and Tesla. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

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The Biggest Loser in the “Magnificent Seven” Could Soar 1,140%, According to Cathie Wood’s Ark Invest

by CoinNews
written by CoinNews

The “Magnificent Seven” is a group of the world’s largest technology stocks. They delivered an average return of 112% last year, led by Nvidia, which gained a whopping 239%.

Nvidia continues to lead the group higher in 2024, but shares of electric vehicle (EV) giant Tesla (NASDAQ: TSLA) are heading in the opposite direction:

NVDA Total Return Level Chart

NVDA Total Return Level Chart

Tesla stock is now trading 57% below its all-time high. The company is suffering from a slowdown in electric vehicle sales — where it generates most of its revenue — which is forcing investors to adjust their growth expectations for the future.

But the head of Ark Investment Management, Cathie Wood, thinks Tesla is more than an EV company. She says it’s the biggest opportunity in the artificial intelligence (AI) space thanks to its industry-leading autonomous self-driving software, and it could propel the company to an astronomical valuation in the future.

Ark’s price target for Tesla stock implies a 1,140% upside over the next three years, but is that realistic?

Tesla faced challenges in 2023, but 2024 could be worse

Tesla delivered a record 1.8 million EVs in 2023, and its Model Y became the best-selling car in the world. However, with consumers struggling under the pressure of elevated inflation and rising interest rates, the company slashed the price of its EVs by an average of 25.1% throughout last year to spur demand.

Given the uncertain economic climate, Tesla chose not to issue a sales forecast for 2024. Investors don’t like uncertainty, and the lack of guidance is a key reason Tesla stock is down in the early stages of 2024. Some analysts believe the company will deliver around 2.2 million cars this year, representing 22% growth compared to 2023. That’s less than half the long-term annual growth target of 50% consistently forecasted by CEO Elon Musk.

There is some concern that demand for EVs is fading across the industry. Late last year, Ford postponed $12 billion worth of investments in its EV operations, citing weak demand. General Motors scrapped a $5 billion deal with Honda to produce an affordable EV model, and the company abandoned its long-standing production forecast for 2024. EV start-up Rivian Automotive issued a very weak production forecast for 2024 while announcing plans to cut 10% of its workforce in February.

In its conference call with investors for the fourth quarter of 2023, Tesla offered investors some details about an affordable EV model it plans to produce starting in 2025. It will feature an entry-level price point of around $25,000 to entice consumers at the lower end of the income spectrum, who would otherwise choose a gas-powered car. It could be an important growth driver for Tesla, but it won’t solve the company’s short-term woes.

A black Tesla car driving on an open road in the snow.

Image source: Tesla.

Slowing sales and falling prices sent Tesla’s earnings plunging in 2023

Tesla’s revenue came in at a record-high $96.7 billion in 2023, which marked an increase of 19% compared to 2022. Revenue grew much slower than Tesla’s vehicle deliveries, largely because of the price cuts I mentioned.

But those price cuts had an even greater impact on the company’s profitability. Taking in less revenue per EV sale led Tesla’s gross profit margin to decline to 18.2% in 2023, from 25.6% in 2022. As a result, its non-GAAP (generally accepted accounting principles) earnings per share fell 23% to $3.12.

That has serious implications for the valuation investors apply to Tesla stock.

Ark’s prediction for Tesla stock doesn’t rest on EV sales alone

Ark believes Tesla stock could jump to $2,000 per share by 2027, not only because of its EV sales, but also because of its autonomous self-driving software. In 2023, EV sales accounted for 85% of the company’s total revenue, but Ark believes that will shrink to 47% by 2027, with 44% of its revenue coming from that new technology.

Tesla’s self-driving software remains in beta mode, but it completed more than 500 million miles of real-world testing with participating customers. It could eventually transform the company’s economics in a number of ways.

First, Tesla will earn a subscription fee from each customer who buys the self-driving software. Second, Musk says Tesla might consider licensing it to other carmakers. Software typically carries a high gross profit margin of up to 80%, so those two revenue sources could send the company’s earnings skyward once it achieves scale.

Finally, Musk wants to build a self-driving ride-hailing network so Tesla customers can monetize their cars when they aren’t using them. It would operate similarly to Uber, with Tesla earning a split of the revenue in exchange for maintaining the network.

Interestingly, Ark’s forecast doesn’t factor in a revenue contribution from Tesla’s new humanoid robot, Optimus. Sales could begin in 2027, and Musk intends to eventually ship millions of units at $20,000 each, so it could be an enormous opportunity. Optimus could, theoretically, replace many human jobs in industries like manufacturing to enable plants to operate around the clock.

Can Tesla stock really surge 1,140% from here?

Let’s circle back to Tesla’s $3.12 in earnings per share for a moment. Based on that figure and its current stock price, Tesla trades at a price-to-earnings (P/E) ratio of 56.2.

Therefore, despite the 57% plunge in its stock price since late 2021, Tesla is still nearly twice as expensive as its peers in the tech sector, represented by the Nasdaq-100 index, which trades at a P/E ratio of 32.9.

Ark’s prediction that Tesla stock will jump to $2,000 by 2027 hinges on the company generating $1 trillion in annual revenue by then. In other words, the company’s revenue will have to grow more than tenfold from here, or by 80.2% compounded annually.

Remember, Musk himself is only targeting a 50% annual increase in EV deliveries going forward, and the company will likely fall significantly short of that in 2024. Plus, even though self-driving software could eventually transform Tesla’s economics for the better, it’s still in beta mode, with no firm release date. It’s unlikely mainstream adoption will occur at scale by 2027.

The probability that Tesla stock soars 1,140% to reach $2,000 by 2027 appears low. However, it might still be a great long-term investment on the back of its autonomous driving software, its Optimus robot, and its affordable EV — just not yet.

Investors might do well to buy Tesla stock upon further updates on those fronts — perhaps near the end of this year or in 2025, depending on the company’s progress.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for two decades, Motley Fool Stock Advisor, has more than tripled the market.*

They just revealed what they believe are the 10 best stocks for investors to buy right now… and Tesla made the list — but there are 9 other stocks you may be overlooking.

See the 10 stocks

*Stock Advisor returns as of March 11, 2024

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Anthony Di Pizio has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, Microsoft, Nvidia, Tesla, and Uber Technologies. The Motley Fool recommends General Motors and recommends the following options: long January 2025 $25 calls on General Motors, long January 2026 $395 calls on Microsoft, and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

The Biggest Loser in the “Magnificent Seven” Could Soar 1,140%, According to Cathie Wood’s Ark Invest was originally published by The Motley Fool

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2 No-Brainer Stocks to Buy With $100 Right Now

by CoinNews
written by CoinNews

The U.S. stock market performed well over the past year. The broad-based S&P 500 advanced 28%, the blue chip Dow Jones Industrial Average gained 18%, and the technology-heavy Nasdaq Composite soared 39%. But patient investors can still find buying opportunities on a budget.

For instance, Cloudflare (NET -0.32%) and Shopify (SHOP 1.85%) trade at reasonable valuations given their future growth prospects, and both stocks were priced at less than $100 per share at the time of writing.

Here’s what makes these businesses worthwhile investments.

1. Cloudflare

Cloud computing specialist Cloudflare provides a broad range of application, network, and security services that accelerate and protect corporate infrastructure and applications across private data centers and public clouds. It also offers compute and storage services through its Workers development platform that empower businesses to build and run applications on its network.

Cloudflare has achieved a strong presence in several relevant verticals due to unparalleled speed and immense scale. It operates the fastest cloud network on the market, and it handles about 20% of all web traffic. That last fact creates an important network effect. The machine learning models that power its platform are continuously fine-tuned using vast amounts of data gleaned from across the internet, improving their ability to route traffic and block threats.

Cloudflare reported excellent financial results in the fourth quarter. Customers rose 17% to 189,791 and the average client spent 15% more. In turn, revenue increased 32% to $362 million and non-GAAP net income jumped 148% to $53 million. Management said close rates and average deal size improved markedly compared to the previous quarter, meaning the company is making progress on improving sales force productivity.

Going forward, Cloudflare has particularly compelling opportunities in developer services and network security services. Forrester Research has called the company a leader in edge development platforms, and International Data Corp. has recognized its leadership in zero-trust network access, citing threat-detection capabilities as a key strength.

With that in mind, the edge computing market is expected to compound by 37% annually through 2030, and the zero-trust security market is forecast to grow by 17% per year during the same period. Meanwhile, Wall Street expects the company to increase sales by 25% annually over the next five years.

That forecast makes Cloudflare’s recent valuation of 25 times sales appear tolerable. Patient investors should consider buying a small position in this growth stock today, with the understanding that shares could be volatile in the near term.

2. Shopify

Shopify offers software and services that help merchants manage their businesses across physical and digital storefronts. Its software integrates with e-commerce marketplaces like Amazon and social media like TikTok, as well as direct-to-consumer websites and mobile apps. Ancillary services include financial solutions, fulfillment support, and tools for cross-border commerce and wholesale.

Shopify reported strong financial results in the fourth quarter, beating estimates on the top and bottom lines. Sales increased 24% to $2.1 billion due to strong growth in subscription and merchant services revenue. Meanwhile, non-GAAP net income more than quadrupled to reach $441 million due to cost-control efforts, including head count reductions and the sale of its capital-intensive logistics business.

Shopify shares fell following the fourth-quarter report as a result of light guidance, but investors should view the pullback as a buying opportunity. Shopify is the market leader in e-commerce and omnichannel commerce software, and the second-largest e-commerce company in the U.S. That tells me Shopify is ideally positioned to benefit as consumers spend more online. Indeed, the company ranked no. 16 on the Fortune Future 50 List for 2023, an annual evaluation of the world’s largest companies based on their long-term growth prospects.

Beyond retail, Shopify has added wholesale e-commerce tools to its enterprise-grade platform, Shopify Plus. That significantly expands its addressable market because wholesale e-commerce sales exceed retail e-commerce sales by a factor of three. While it’s too soon to make any firm judgments, Shopify reported strong momentum in wholesale last year, with gross merchandise volume climbing nearly 150% in the fourth quarter.

Going forward, Grand View Research expects retail e-commerce sales to grow by 11% annually through 2030, while wholesale e-commerce sales are forecast to increase by 18% per year during the same period. But Wall Street expects Shopify to expand more quickly. The consensus among analysts calls for annual revenue growth of 22% over the next five years. In that context, its current valuation of 14 times sales seems quite reasonable. Patient investors should feel comfortable buying a small position in this growth stock today.

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Trevor Jennewine has positions in Amazon and Shopify. The Motley Fool has positions in and recommends Amazon, Cloudflare, and Shopify. The Motley Fool has a disclosure policy.

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South Korea Preparing Tax System to Avoid Cryptocurrency Tax Evasion

by CoinNews
written by CoinNews

South Korea Preparing Tax System to Avoid Cryptocurrency Tax EvasionThe National Tax Service in South Korea is preparing to launch a virtual asset tax system to help analyze the information received from cryptocurrency holders to avoid cryptocurrency tax evasion. Local sources reported that the agency had contracted the services of a third-party company to help in this task, and it is scheduled to be […]

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Ethereum Price Dips Attractive As Bulls Aim For Move Above $4,200

by CoinNews
written by CoinNews

Ethereum price is consolidating near the $4,000 zone. ETH is again moving higher as the bulls seem to be aiming for a move above the $4,200 level.

  • Ethereum traded to a new multi-month high above $4,080 before correcting lower.
  • The price is trading above $4,000 and the 100-hourly Simple Moving Average.
  • There was a break above a key contracting triangle with resistance at $4,025 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its increase if it clears the $4,085 resistance zone.

Ethereum Price Regains Strength

Ethereum price spiked above the $4,000 resistance zone, like Bitcoin. ETH traded to a new multi-month high above $4,050 before there was a downside correction.

The price declined below the $4,000 level, but the bulls were active near the $3,850 zone. A low was formed at $3,830 and the price is now rising. There was a move above the $4,000 resistance. The price cleared the 50% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low.

Ethereum price is now trading above $4,000 and the 100-hourly Simple Moving Average. There was a break above a key contracting triangle with resistance at $4,025 on the hourly chart of ETH/USD.

It is now showing positive signs above the 76.4% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low. If the pair stays above the $4,020 level, it could attempt another increase. Immediate resistance on the upside is near the $4,085 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The first major resistance is near the $4,120 level. The next major resistance is near $4,150, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $4,280 level. If there is a move above the $4,280 resistance, Ethereum could even rise toward the $4,350 resistance. Any more gains might call for a test of $4,500.

Are Dips Limited In ETH?

If Ethereum fails to clear the $4,085 resistance, it could start a downside correction. Initial support on the downside is near the $4,020 level.

The first major support is near the $3,965 zone or 100 hourly SMA. The next key support could be the $3,880 zone. A clear move below the $3,880 support might send the price toward $3,830. Any more losses might send the price toward the $3,740 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,965

Major Resistance Level – $4,085

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Coinbase looks to raise $1 billion via bond offering amid bullish market trend

by CoinNews
written by CoinNews

Coinbase announced plans to launch a $1 billion bond offering to raise funds for its growth and expansion, according to a March 12 filing.

The bonds, designated as unsecured convertible senior notes, are set to mature in 2030, offering investors the option to convert their holdings into Coinbase shares or cash at that time. The offer also includes a 30-day option to buy an additional $150 million principal amount of notes to cover over-allotments.

The strategy is seen as a savvy maneuver to capitalize on the crypto market’s positive momentum while safeguarding shareholder value.

Coinbase has also introduced “negotiated capped call transactions” as part of the bond offering. This measure is designed to mitigate the dilutive impact on shareholders when the debt is converted into equity.

The proceeds from the bond offering are earmarked for a variety of uses, including debt repayment, funding for the capped call transactions, and potential acquisitions, indicating Coinbase’s ambitious agenda for growth and consolidation within the crypto economy.

Coinbase stock surging with crypto

This announcement comes on the heels of a significant upsurge in the value of Bitcoin, which recently hit a record high, crossing the $73,000 mark.

The bullish trend in the crypto market has been paralleled by a 48% increase in Coinbase’s stock price this year to levels last seen in December 2021 — a rally that has prompted some Wall Street analysts to revise their previously cautious outlooks on the company’s stock.

Financial giants like Raymond James and Goldman Sachs have shifted from bearish to more optimistic views, buoyed by the sector’s robust performance.

As of press time, COIN was trading at $256.14, up 11.91% over the past week and 82.45% over the previous month.

Coinbase previously offered $1.25 billion in senior convertible notes in May 2021, which instead took place following a market crash related to the collapse of the TerraUSD stablecoin. The firm has regularly repurchased its outstanding debt.

The post Coinbase looks to raise $1 billion via bond offering amid bullish market trend appeared first on CryptoSlate.

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Tech VC Keith Rabois threatens Republicans

by CoinNews
written by CoinNews

Keith Rabois of Khosla Ventures attends Day 3 of TechCrunch Disrupt SF 2013 at San Francisco Design Center on September 11, 2013 in San Francisco, California.

Steve Jennings | Getty Images

A Republican megadonor on Tuesday threatened to cut off campaign contributions to members of Congress unless they vote for a bill that could effectively ban TikTok in the United States.

“Will never fund any Republican candidates or leadership PACs (or the NRSC) run by Republicans who vote against the TikTok legislation,” venture capitalist Keith Rabois wrote on X.

On Wednesday, the House is expected to pass a bill to force TikTok’s parent company, China-based ByteDance, to sell off the social media platform. Supporters of the bill say ByteDance’s continued ownership of TikTok and its troves of user data pose a national security threat to the United States.

“Support for the TikTok bill is an IQ test” for members of Congress, Rabois wrote in an email to CNBC.

In February, Rabois gave $500,000 to the Congressional Leadership Fund, a political action committee that backs House Republican candidates, according to a Federal Election Commission filing.

Rabois’ threat could have significant sway over those Republican lawmakers still on the fence about whether to support the bill.

More on the TikTok ban bill

For some of the bill’s supporters, that political calculus grew more complicated last week when former President Donald Trump announced he opposed the measure. The presumptive Republican presidential nominee was joined by Tesla CEO and billionaire Elon Musk, who also criticized the legislation.

The bill’s prospects in the Senate were still uncertain on Tuesday.

“On the Senate, it will be up to the Democrat Leader [Chuck Schumer] to bring it to the floor. If he does, we will have a clear voting record” of where each senator stands on the issue, Rabois told CNBC.

If the bill were to pass the Senate and be signed into law, ByteDance would have just six months to sell off TikTok, before the app is banned from American app stores and web hosting sites.

A managing director at Khosla Ventures, Rabois gave just over $41,000 combined last year to the National Republican Senatorial Committee. He also gave over $120,000 to the National Republican Congressional Committee, the NRSC’s House counterpart.

Rabois said that whether or not he continues to support the NRCC will be partly tied to how Republican leadership handles the upcoming vote.

House Speaker Mike Johnson, La., has signaled he plans to vote for the measure and Majority Leader Steve Scalise called it a “critical national security bill.”

Republican Whip Tom Emmer also supports the legislation, and alleged in March 2023 that TikTok was “nothing but a CCP spy app, collecting the sensitive information of 150 million American users which can then be exploited by the Chinese government.”

Former President Donald Trump: I consider Facebook to be an enemy of the people



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NEAR To Rise Higher According To These Analysts, Can It Hit $10?

by CoinNews
written by CoinNews

NEAR, the native token of the Layer 1 (L1) public blockchain NEAR Protocol, has substantially risen during this bull run after registering remarkable gains since the end of 2023.

As the price of Bitcoin continues to soar, NEAR has recorded an over 130% price surge in the past month, and analysts forecast that the bullish momentum isn’t over yet.

 Analyst Foresees NEAR’s Next Leg Up Coming Soon

At the end of 2023, the NEAR token showed a remarkable performance by doubling its price in mid-December. Since then, the crypto market has been propelled to heights like those seen during the last bull run.

NEAR continued its growth alongside the market, and crypto analyst Altcoin Sherpa considers that the gains for the token are far from over.

In an X (former Twitter) post, the analyst shared a chart showing NEAR’s performance in the last few days. This performance displays the token has oscillated between two levels since yesterday.

NEAR hovered between the $6.7- $7.17 price range for the past 24 hours, Altcoin Sherpa’s chart shows. As the analyst highlights, this is the “consolidation for the next leg up” coming soon.

Previously, Sherpa warned about the $6.9 price level being a “danger area approaching.” However, the token broke that resistance level over the weekend.

Moreover, crypto trader and analyst Rekt Capital shared a chart showing that NEAR revisited its multi-year macro downtrend. Breaking above it would further fuel the bullish momentum that could drive the price to revisit its all-time high (ATH) resistance area of $20.

Are $10 Coming Soon?

NEAR has been closely following Bitcoin’s price performance during the past week. As the chart below shows, in the last 24 hours, the token’s price has closely followed the trajectory of the flagship cryptocurrency.

BTC; BTCUSDT, NEAR

BTC and NEAR’s performance in the last 24 hours. Source: CoinGecko.com

At writing time, NEAR is trading at $7.3, a 4.2% surge in the past hour. The token registered a stellar 67.8% and 83.1% price surge in the weekly and bi-weekly timeframe.

Crypto trader Doctor Profit foresees NEAR to reach $10 soon, as his previous prediction of the token reaching this price by the end of the year seems closer than expected.

That the token’s price of $3 was easily doubled in a matter of days. This suggests to the analyst that NEAR’s next goal of $10 will come very soon.

As optimistic predictions continue, the token’s market cap of $7.74 billion shows a 7.7% growth in the last day. By this metric, NEAR is inside the top 20 largest cryptocurrencies, currently being the 19th, according to CoinMarketCap data.

However, the daily trading volume has dropped 20% in the last 24 hours, with $993.5 million traded. This hints at a recent decline in market activity despite the positive performance and community support.

NEAR, NEARUSDT 

NEAR is trading at $7.39 in the hourly chart. Source: NEARUSDT on TradingView.com

Feature image from Unsplash.com, Chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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