Cryptocurrency Stocks on the Rise?
Crypto Consultant - Ollie
Who said cryptocurrency trading and the stock markets aren't associated? Since Bitcoin's meteoric climb above the $50,000 line a few days ago, it seems that most crypto-based stocks are possibly chasing the asset's steps and now selling at fresh peaks for the year.
Crypto Stocks Have Been Firing all Cylinders.
Bitcoin has been on a significant roll lately. In reality, it can be seen that the asset is now on a bullish streak for almost a year now, having rocketed to around $9,000 in May last year after reaching a new low before at the $4,000 mark.
There has also been strong debate over the years that Bitcoin and the stock market are interconnected, and that when one goes up or down, the other is likely to see movement. As we've seen right now, this statement may have some validity behind it, as many crypto-related stocks are improving themselves and hitting some amazing price lines.
Examples include KR1, a London-listed virtual investment company. In the last three months, the company has seen an incredible 800% increase in its shares. The company has established its credibility by investing in alternative assets such as by buying Ethereum and Polkadot, and now it seems like those bets are beginning to pay off.
In a claim, George McDonaugh – managing director of the London-based firm, said ‘KR1 was set up to allow investors access to the crypto economy’ granting exposure via a publicly-listed business.
Cryptocurrency stocks have been said to outclass the underlying assets due to the technology that encourages individuals to invest in public assets such as 401Ks and ISAs. If you can tax-wrapper anything as explosive as Bitcoin, it makes a lot of sense in many investor's eyes.
We've already seen a number of crypto mining stocks erupting in the last few months. Marathon Digital Holdings in Las Vegas, Nevada, has increased by about 500% since December, while Riot Blockchain in Colorado has also increased by about 400%.
Though it has been reported that many of these crypto stocks are increasing in popularity, they cannot be used within the blockchain networks or enabled with smart contract capabilities.
If you are looking to buy and sell cryptocurrency but are looking for a trustworthy cryptocurrency broker, head over to BC Bitcoin, the UK’s most trusted Bitcoin broker. Register an account with us today to start safely investing in cryptocurrency.