I have been very critical of Robinhood Markets (NASDAQ: HOOD) during the last couple of years, which wasn't necessarily controversial given that its stock suffered a peak-to-trough collapse of 91% from its all-time high. The online brokerage platform was consistently losing active users, and its transaction revenue seemed to be in perpetual decline as a result.

However, Robinhood's fortunes have changed in 2024. A rising stock market has brought users back into the fold, and they are actively transacting, which is driving the company's revenue higher.

The fastest-growing part of Robinhood's business right now, though, is the cryptocurrency segment, where revenue more than tripled year over year during the recent first quarter of 2024 (ended March 31). Robinhood stock has soared 30% in 2024 so far, but here's why it could be poised to go higher.

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Source Fool.com