Bitcoin (BTCUSD) has come roaring back with a vengeance in 2024, with spot prices surging above $62,000 last week to touch their highest price since late 2021. This rally has been fueled by a combination of factors, including the launch of exchange-traded funds (ETFs) based on spot Bitcoin, along with anticipation surrounding the historically bullish “halving” event scheduled for this spring.
Blockchain and cryptocurrency-related stocks are on the rise, too – and in fact, many top names in the industry, including Marathon Digital(MARA) and Microstrategy (MSTR), now trade at or above Wall Street’s mean price targets. However, small-cap Canaan Inc. (CAN) could be an exception to the rule, with analysts calling for significant upside potential in the year ahead.
About Canaan Stock
Valued at $275 million by market cap, Canaan Inc. (CAN) manufactures and sells equipment used for Bitcoin mining. Based out of Beijing, CAN focuses on…
