When Bitcoin Runs, Blockchain Penny Stocks Seem To Follow & Right Now Some Of The Top Blockchain Stocks Can’t Be Traded On Apps Like Robinhood
Every investor remembers the Bitcoin craze at the end of 2017. The price of Bitcoin shot to almost $20,000. But then it crumbled to levels below $4,000. Quietly, over the last few months, the price has steadily risen and now the momentum is growing rapidly. The price of Bitcoin recently shattered $13,000 and investors are hoping to ride it to $20,000 all over again. This has put blockchain penny stocks in the spotlight once again.
Needless to say, diligence has been a key in navigating the waters of this young industry. Unlike things like Marijuana Stocks, bitcoin stocks typically focus on cryptocurrency. Most of the time, this currency has no connection to any physical assets or ownership in anything but a digital currency.
Back to the marijuana stock example, a share of one pot company equates to fractional ownership in that company. You have something tangible to back the value of that investment. With cryptocurrency stocks or cryptocurrency technology stocks, it’s a different ballgame. Because of the fact that some of these companies can’t qualify for exchanges like NASDAQ and NYSE, they trade on the OTC. For this reason, some of the best penny stocks trading apps like Robinhood don’t allow access to trade these stocks.
Now that you know some of the risks, let’s see how investors are starting to get rewarded during the latest surge in cryptocurrency prices. Here are some of the top blockchain penny stocks to watch:
Blockchain Penny Stock#1:
MGT Capital Investments Inc. (MGTI)
MGT Capital Investments Inc. (MGTI Stock Report) is a bitcoin mining company. This is basically a company that solves puzzles in the Bitcoin blockchain in order to mine Bitcoins. MGT Capital is partnered with Bitmain because they are a large provider of the Bitmain S9 Antminers that MGT uses.
Over the last 3 trading sessions, MGT Capital has seen its stock skyrocket alongside Bitcoin. It increased over 110% from $0.05 to $0.092 with no signs of slowing down. MGT’s success is more than just “what Bitcoin does”. MGT has 1,800 mining machines, an addition 400 in the final stages of setup, and produce over 30 Ph/s.
Blockchain Penny Stock #2:
First Bitcoin Capital Corp. (BITCF)
First Bitcoin Capital Corp. (BITCF Stock Report) is the first vertically integrated Bitcoin company. It has its hands in a little of everything. This includes mining, developing exchanges (CoinQX. com), crypto news (iCoiNEWS. com) and providing liquidity to crypto traders. In addition, they buy new crypto start-ups or invest and develop them.
Recently, First Bitcoin announced their unaudited financials for the year ending 2018. In 2-3 weeks, the financials should be audited. However, as of now, they showed that First Bitcoin Capital’s assets increased from $1.28 million to $1.96 million. Furthermore, the BITCF stock price is currently up 56% the highest it has been all of 2019. Why did I put “Buyer Beware” in this section? First Bitcoin Capital has a “Caveart Emptor” designation. This is Latin for “Let the buyer beware.” Essentially, you need to be on your toes with this one as it does not have an active market and trades in the grey market.
For the majority of this stock’s trading history, it’s done blindly. You’re basically placing “market orders” in the hopes that the grey market trading has some semblance of a normal market. Just know that with Caveat Emptor penny stocks, there’s a higher risk of them being delisted from an exchange. Even though the price is rallying, you’ll want to be aware of this.
Blockchain Penny Stocks #3 & #4:
Bitcoin Services Inc. (BTSC)
BTCS Inc. (BTCS)
Both Bitcoin Services Inc. (BTSC Stock Report) and BTCS Inc. (BTCS Stock Report) are up big so far on June 26th. BTSC stock is currently experiencing a 23% jump in price while BTCS stock was up by as much as 16.5%. Both companies are clearly reaping rewards from Bitcoin shooting up this month.
Bitcoin Services Inc. currently offers bitcoin withdrawals and deposits making it easier for those with crypto to store it safely. In addition, they offer casino services that accept bitcoin for gambling. BTCS Inc. is a relatively new bitcoin acquisition company looking to give investors indirect ownership of bitcoin.