Why Altcoins Jumped This Week
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 12 2024
0mins
Source: NASDAQ.COM
Crypto Market Performance:
- The crypto market saw increased activity this week as investors embraced higher-risk assets ahead of earnings season, with tokens like Stacks, Arbitrum, and Bittensor experiencing notable gains.
- A low inflation reading in June positively impacted the market, with stocks and crypto benefiting; however, the relationship between crypto valuations and inflation remains complex.
Political Influence on Crypto Trading:
- Cryptocurrency trading is influenced by political dynamics, with Democrats historically less favorable towards the industry compared to Republicans who are increasingly supportive, potentially leading to regulatory changes.
- The legal standing and regulatory certainty of cryptocurrencies may vary based on the political landscape, impacting investor decisions and market stability.
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Analyst Views on STX
Wall Street analysts forecast STX stock price to fall
18 Analyst Rating
14 Buy
3 Hold
1 Sell
Moderate Buy
Current: 810.460
Low
150.00
Averages
310.39
High
465.00
Current: 810.460
Low
150.00
Averages
310.39
High
465.00
About STX
Seagate Technology Holdings plc provides mass-data storage infrastructure solution. The Company’s principal products are hard disk drives, commonly referred to as disk drives, hard drives (HDDs). In addition to HDDs, the Company produces a range of data storage products, including solid state drives (SSDs), solid state hybrid drives, storage subsystems, as well as a scalable edge-to-cloud mass data platform. Its HDD products are designed for mass capacity storage and legacy markets. Mass capacity storage involves use cases, such as hyperscale data centers and public clouds, as well as emerging use cases. The Company’s HDD and SSD product portfolio includes Serial Advanced Technology Attachment, Serial Attached SCSI and Non-Volatile Memory Express based designs to support a variety of mass capacity and legacy applications. Its systems portfolio includes storage subsystems for enterprises, cloud service providers, scale-out storage servers and original equipment manufacturers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Sustained Market Demand: Global data generation is expected to grow from 1.1 ZB in 2024 to 2.4 ZB by 2028, driving demand for flash storage products, positioning Sandisk favorably to benefit from this trend and continue its growth trajectory.
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- Samsung's Agreement: The tentative deal with workers provides all chip employees with a cash bonus equivalent to 50% of their annual salary and allocates 10.5% of operating profit for special bonuses, which not only alleviates strike risks but also stabilizes the global chip supply chain.
- Bearish Market Sentiment: According to Stocktwits, retail sentiment for Micron, SanDisk, Western Digital, and Seagate is predominantly bearish, indicating that despite significant year-to-date stock price increases, investor confidence in further gains remains low.
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See More
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- Manufacturing Expansion: The May S&P manufacturing PMI unexpectedly rose by 0.8 to 55.3, surpassing expectations of 53.8, marking the strongest pace of expansion in four years, which could drive investment and growth in related sectors.
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See More
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