Canaan Inc (CAN Stock) Price Forecast skyrockets as Bitcoin and Ethereum hit new all-time highs
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UNLOCK OFFER- NASDAQ:CAN surged by 11.19% on Tuesday amidst a rebound from the NASDAQ index.
- Bitcoin and Ethereum hit new all-time highs as cryptocurrency fever continues.
- All eyes are on Coinbase which will make its public debut on Wall Street on Wednesday.
NASDAQ:CAN has not been the sympathy play for Bitcoin that investors may have first believed when buying shares in the China-based cryptocurrency mining hardware company. On Tuesday, Canaan did an about face after shares plunged by nearly 30% the day before. The stock rebounded by 11.19% to close the trading day at $14.61, which is still down significantly after the firm reported worse than expected financial numbers on Monday. Shares of Canaan are still down over 60% from its 52-week high price of $39.10 that was set in early March.
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The cryptocurrency industry has been abuzz this week as the benchmark Bitcoin and Ethereum tokens have hit new all-time high prices once again. The current bullish rally is expected by many to extend and see Bitcoin reach as high as the $70,000 USD mark. The total aggregate market cap of all cryptocurrencies has surpassed $2 trillion USD for the first time, and increased institutional buy-in has only added to the fervor. While Canaan is involved with the manufacturing of Bitcoin miners, a recent order of more than 100,000 mining machines shows that the company has a substantial backlog in orders which should lead to revenue growth in 2021.
CAN Stock Price
All eyes on Wall Street are pointed at Coinbase’s public debut on Wednesday as one of the world’s most popular crypto exchanges is getting set for the direct listing of the year. Early estimates have the NASDAQ exchange setting the Coinbase share price at $250, which could give the company a valuation of $100 billion on its first day of trading.
- NASDAQ:CAN surged by 11.19% on Tuesday amidst a rebound from the NASDAQ index.
- Bitcoin and Ethereum hit new all-time highs as cryptocurrency fever continues.
- All eyes are on Coinbase which will make its public debut on Wall Street on Wednesday.
NASDAQ:CAN has not been the sympathy play for Bitcoin that investors may have first believed when buying shares in the China-based cryptocurrency mining hardware company. On Tuesday, Canaan did an about face after shares plunged by nearly 30% the day before. The stock rebounded by 11.19% to close the trading day at $14.61, which is still down significantly after the firm reported worse than expected financial numbers on Monday. Shares of Canaan are still down over 60% from its 52-week high price of $39.10 that was set in early March.
Stay up to speed with hot stocks' news!
The cryptocurrency industry has been abuzz this week as the benchmark Bitcoin and Ethereum tokens have hit new all-time high prices once again. The current bullish rally is expected by many to extend and see Bitcoin reach as high as the $70,000 USD mark. The total aggregate market cap of all cryptocurrencies has surpassed $2 trillion USD for the first time, and increased institutional buy-in has only added to the fervor. While Canaan is involved with the manufacturing of Bitcoin miners, a recent order of more than 100,000 mining machines shows that the company has a substantial backlog in orders which should lead to revenue growth in 2021.
CAN Stock Price
All eyes on Wall Street are pointed at Coinbase’s public debut on Wednesday as one of the world’s most popular crypto exchanges is getting set for the direct listing of the year. Early estimates have the NASDAQ exchange setting the Coinbase share price at $250, which could give the company a valuation of $100 billion on its first day of trading.
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