CleanSpark's (CLSK) recent dip does not justify buying the shares, given the volatile price movement of its only mining product, Bitcoin.
In the most recent trading session, CleanSpark (CLSK) closed at $14.96, indicating a -1.45% shift from the previous trading day.
CleanSpark has outperformed the Bitcoin mining sector this year. Its clean-energy foundations give it an edge as energy and mining costs rise.
Wall Street's focus on blockchain stocks is likely to continue in the second half of 2024 as well. Blockchain, the technology behind cryptocurrencies like Bitcoin ( BTC-USD ) and Ethereum ( ETH-USD ), has applications that extend far beyond digital currencies.
Blockchain stocks for early investors are gaining traction. With the crypto space evolving rapidly, the spotlight is on buying the best blockchain stocks to broaden your investment portfolio.
In the latest trading session, CleanSpark (CLSK) closed at $16.05, marking a -0.19% move from the previous day.
In a strategic move to bolster its infrastructure and expand its capacity, Bitcoin miner CleanSpark Inc. (NASDAQ: CLSK) has announced that it will acquire GRIID Infrastructure Inc. (NASDAQ: GRDI) in an all-stock transaction valued at $155 million.
Many investors get turned off when they hear the words blockchain or cryptocurrencies. Aside from the crypto majors like Bitcoin and Ethereum, many people associate the industry with fraud and rug pulls.
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?
Blockchain stocks and the industry are growing so quickly that investors can become multimillionaires if they time their bets right for events like the fourth Bitcoin ( BTC-USD ) split and the approval of Bitcoin ETF filings. What's more, the ongoing interest in blockchain, illustrated by institutional money, is helping to legitimize the sector, which is making people more interested in blockchain stocks.
Bitcoin mining stocks look positioned to thrive as demand for crypto mining infrastructure grows. The price of Bitcoin ( BTC-USD ) has been rising to over $70,000 in recent months after clawing its way back to the top from a significant fall in 2022.
The consensus price target hints at a 26.3% upside potential for CleanSpark (CLSK). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.