Publicly listed firm Robinhood Markets Inc. saw its coverage being initiated by Bernstein with a rating of “outperform”. The positive rating comes as the brokerage also highlighted that crypto markets are likely to see a higher value by 2025.

 Robinhood Gets Outperform Rating

Bloomberg in a report said that a “monster of a crypto cycle” is expected this year and next, according to Bernstein. The research firm started covering Robinhood Markets Inc. at outperform. Analyst Gautam Chhugani said that the volume of cryptocurrency trades at the online brokerage will increase nine times over the next two years.

In a note published on Thursday, he further stated, “We believe that now is the ideal time to join Robinhood, with an 18–24 month window, to ride the crypto comeback.” He set a $30 price objective for the stock, which is the highest among analysts Bloomberg tracks.

Crypto Markets Likely to See Upwards Trend

Robinhood’s positive rating comes as expectations around crypto markets remain in the green territory. The market currently is bullish on a cryptocurrency revival and believes that the value of digital assets is about to quadruple to $7.5 trillion by 2025. According to Statista, by 2024, the cryptocurrency market is expected to generate US$51.5 billion in revenue. Revenue is predicted to expand at an 8.62% annual rate (CAGR 2024–2028).

Listed Crypto Firms Currently On Upbeat Trading

Most listed crypto firms have seen upbeat year-to-date trading so far. Robinhood has surged nearly 50% in 2024. Since the debt sale to purchase further Bitcoin, MicroStrategy shares have increased by 180% this year. Coinbase on the other hand, has surged 48% since the start of the year. Coinbase’s upbeat trading also came on the back of its strong results.  For the three months that concluded on December 31, Coinbase reported a profit of $273.4 million. That compared to a loss of $557 million the previous year. According to LSEG statistics, analysts had projected a penny-per-share loss. Strong trading volumes helped the company earn its first quarterly profit since 2021. Coinbase’s transaction revenue increased by 64% to $529.3 million during the same period, according to the company.

The post Robinhood Gets Outperform Rating as Crypto Market Set To Triple by 2025 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am