Shares of multiple bitcoin proxy stocks—including Riot Blockchain (RIOT - Free Report) , LongFin (LFIN - Free Report) , and the Bitcoin Investment Trust (GBTC - Free Report) —surged on Tuesday amid a slight rebound throughout the cryptocurrency market.
Today’s jump for crypto stocks came amid strong moves from nearly every popular cryptocurrency. Bitcoin’s price popped 8.65% to $7,807.3 within the last 24-hours, while Litecoin soared 12.30% to rest at $145.57.
On top of that Ripple, a rapidly growing crypto that is controlled by a San Francisco-based startup, and Ethereum, the second largest crypto by market cap, rose 5.28% and 10.61%, respectively.
Tuesday’s gains should please cryptocurrency investors who have taken big hits recently as the new-age digital currency becomes increasingly volatile, and therefore subject to massive one-day swings. This cryptocurrency upturn coincides with the recent stock market pullback, which finally slowed down late Tuesday (also read: Volatility Returns: Key Facts Behind Historic Stock Sell-Off).
With that said, let’s take a look at three cryptocurrency proxy stocks that popped today amid market turmoil.
LongFin Corp.
This small-cap company recently tethered itself to the blockchain technology wave. Longfin stock skyrocketed after it acquired Ziddu.com, a blockchain research company that hopes to decentralize lending and financing solutions. Shares of Longfin surged nearly 11% on Tuesday as it tries to inch back to life after a massive sell-off. Before today’s gains, its stock price had sunk 38% in the last four weeks.
Riot Blockchain
Interestingly enough, Riot Blockchain was a dying biotech diagnostics equipment firm called Bioptix, Inc before pivoting to blockchain technology as Bitcoin became increasingly popular. Today, shares of Riot skyrocketed over 21%. Still, the company sits well below its all-time high as its stock price had fallen 54% over the last four weeks.
Bitcoin Investment Trust
The Bitcoin Investment Trust operates as a bitcoin holding fund. GBTC saw its stock price soar over 22% to close the day at $12.31 per share. However, these gains don’t make up for its recent loses, as GBTC still sits far below its all-time intraday trading high of $38.71 per share.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Shares of multiple bitcoin proxy stocks—including Riot Blockchain (RIOT - Free Report) , LongFin (LFIN - Free Report) , and the Bitcoin Investment Trust (GBTC - Free Report) —surged on Tuesday amid a slight rebound throughout the cryptocurrency market.
Today’s jump for crypto stocks came amid strong moves from nearly every popular cryptocurrency. Bitcoin’s price popped 8.65% to $7,807.3 within the last 24-hours, while Litecoin soared 12.30% to rest at $145.57.
On top of that Ripple, a rapidly growing crypto that is controlled by a San Francisco-based startup, and Ethereum, the second largest crypto by market cap, rose 5.28% and 10.61%, respectively.
Tuesday’s gains should please cryptocurrency investors who have taken big hits recently as the new-age digital currency becomes increasingly volatile, and therefore subject to massive one-day swings. This cryptocurrency upturn coincides with the recent stock market pullback, which finally slowed down late Tuesday (also read: Volatility Returns: Key Facts Behind Historic Stock Sell-Off).
With that said, let’s take a look at three cryptocurrency proxy stocks that popped today amid market turmoil.
LongFin Corp.
This small-cap company recently tethered itself to the blockchain technology wave. Longfin stock skyrocketed after it acquired Ziddu.com, a blockchain research company that hopes to decentralize lending and financing solutions. Shares of Longfin surged nearly 11% on Tuesday as it tries to inch back to life after a massive sell-off. Before today’s gains, its stock price had sunk 38% in the last four weeks.
Riot Blockchain
Interestingly enough, Riot Blockchain was a dying biotech diagnostics equipment firm called Bioptix, Inc before pivoting to blockchain technology as Bitcoin became increasingly popular. Today, shares of Riot skyrocketed over 21%. Still, the company sits well below its all-time high as its stock price had fallen 54% over the last four weeks.
Bitcoin Investment Trust
The Bitcoin Investment Trust operates as a bitcoin holding fund. GBTC saw its stock price soar over 22% to close the day at $12.31 per share. However, these gains don’t make up for its recent loses, as GBTC still sits far below its all-time intraday trading high of $38.71 per share.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on GBTC - FREE
Get the latest research report on RIOT - FREE
Get the latest research report on LFIN - FREE