best penny stocks to watch bitcoin price surge right now

When you look at the definition of penny stocks, you’ll likely see that most refer to these as stocks under $5. In 2021, these cheap stocks have become some of the most actively traded in the market, and for good reasons. You can’t ignore the wild swings and massive jumps that these cheap stocks make daily, and by “daily,” I mean within a single day.

Looking back at some of the most extensive breakouts of 2021 right now shows the tail of the tape. Meme stocks like AMC Entertainment (NYSE:AMC), Nokia (NYSE:NOK), and even Express Inc. (NYSE:EXPR) are among the standouts.

What’s more, even outside of the line of sight of popular message boards and social media sites, there is a slew of many other penny stocks that hit it big this year. What does that mean for you? If you understand how to trade and handle risk, these cheap stocks could be well worth it for you.

Bitcoin Price Spike Adds Momentum To Cheap Stocks

With all penny stocks, different trends can impact the market. It’s no secret that broader markets are having a tough time right now. But that doesn’t mean it’s that way for specific niches. Case in point, Bitcoin, Ethereum, Dogecoin, and plenty of other sh*tcoins are on fire right now. With Bitcoin moving over 20% in October so far, it’s acted as the bellwether. As a result, cryptocurrency and blockchain technology stocks are red hot. It isn’t just mining companies either.

Read more: Best Penny Stocks To Buy Right Now? 3 Short Squeeze Stocks To Watch

Things like the Internet of Things, non-fungible tokens, and the like are all ways companies are gaining exposure to this segment in the stock market today. Where there’s excitement, there’s usually momentum. Look at companies like Marathon Digital Holdings (NASDAQ:MARA) or DatChat (NASDAQ:DATS). These former penny stocks both have very different business models. But based on their different types of exposure to cryptocurrency and blockchain technology, they’ve benefited from the boost in the price of Bitcoin and other currencies.

Penny Stocks To Watch Right Now Under $1

This has become a recurring series for Stocks under $1. These are some of the lowest-priced in the stock market today. High volatility, higher levels of risk, and higher potential for significant gains are all things to keep in mind. Today, we’re looking closer at three that’ve gained momentum recently and have exposure to the crypto space.

  1. Alpha Esports Tech (OTC:APETF) (CSE:ALPA)
  2. Molecular Data Inc. (NASDAQ:MKD)
  3. Meten EdtechX (NASDAQ:METX)

1. Alpha Esports Tech (OTC:APETF) (CSE:ALPA)

alpha esports tech investor info deck image

Technology stocks may have gotten beaten up recently. But that doesn’t mean all penny stocks with exposure to tech have followed suit. If you look at the Alpha Esports stock chart, you’ll see what I mean. The period between September 24th and today saw major tech ETFs like the SPDR Technology ETF (NYSE:XLK) drop hard. On the flip-side of this is Alpha shares and other companies with exposure to the blockchain and cryptocurrency arena have bucked the trend.

At the heart of its model, Alpha is an esports technology company. When it comes to cryptocurrency, Alpha is undertaking an initiative to monetize its esports platform through tokenization. Its Bitcoin pegged Alpha Coin has been created to allow users to enter contests and tournaments while also giving winners the ability to redeem their Alpha Token winnings for local currency or purchases in the GamerzArena store. With the latest jump in the price of Bitcoin, this could be another reason why some are watching APETF stock.

Alpha’s GamerzArena platform has become the backbone of its model. It is building a unique ecosystem that includes novice and professional gamers alike. It also fosters gamer development allowing players and professional scouts to interact. Furthermore, Alpha’s leadership and advisory board comprises members with direct experience in gaming and events. It includes experienced names from leading companies, including Red Bull, Reel One Entertainment, The Golden State Warriors, Mount Sinai, Victory Square Technologies, Activision, and Atari, to name a few. With a surge in cryptocurrency stocks and “new tech” like esports, Alpha Esports may be one of the names to watch.

2. Molecular Data Inc. (NASDAQ:MKD)

best penny stocks under $1 to watch right now Molecular Data Inc. MKD stock

Molecular Data is another one of the lowest-priced names on this list of penny stocks. For most of September and now October, MKD stock has settled out in a channel between $0.27 and $0.40. The last few weeks have been active for Molecular Data and revealed some of the latest milestones that could be at the heart of recent speculation.

Uniquely positioned in China’s chemical industry, Molecular Data uses its technology platform to connect consumers, retailers, and wholesalers across numerous areas of China’s chemical supply chain. The company delivers e-commerce solutions, warehousing, logistics, and software to streamline the chemical industry’s production flow.

Read more: Hot Penny Stocks That Are Trending in 2021

Where does crypto come into play? Earlier this year, Molecular announced a partnership with Wanxiang Blockchain. The goal is digitizing the chemical industry as a whole. The two plan on building a blockchain platform for addressing things like supply chain bottlenecks, enhanced eCommerce, and the like. The company also inked a deal with an investment firm to establish blockchain data centers. Molecular vaguely explained in a press release that, “The partnership will address bottlenecks in the Chemical space and establish commercial-scale Blockchain data centres in America.”

3. Meten EdtechX (NASDAQ:METX)

cheap penny stocks to watch under $1 Meten EdtechX METX stock

An interesting trend we’ve seen emerge is a pivot when it comes to specific technology companies. Meten EdtechX is one of these types of companies. As its name suggests, at the surface, it’s an English learning services company. It specializes in English education services in China but has drastically expanded on its tech angle.

Earlier this year, Meten said it began developing a blockchain and cryptocurrency business. The goal, according to the company, was to make a transition into “a new benchmark among innovative enterprises.”

Meten explained that this includes everything from Dogecoin to NFTs. Now that METX has become one of the crypto and blockchain technology stocks to watch, it’s now on traders’ radars when things like Bitcoin surge. What’s more, its recent $60 million capital raise have been earmarked for working capital needs, among other things. Given this transitionary focus and upbeat sentiment in the crypto space, will METX become one of the hot penny stocks to watch in October?

Are Bitcoin & Blockchain Penny Stocks On Your Radar?

Whether or not you’re following this trend closely is secondary to the fact that it has become a driving force for specific stocks. Considering that there’s plenty of volatility in the cryptocurrency market as a whole, that could also translate to stocks with exposure to it. This is something to keep in mind if bitcoin and blockchain penny stocks are on your radar right now.

bitcoin penny stocks to watch

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