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BLockchain ETF (BKCH) Hits New 52-Week High
For investors seeking momentum, Global X Blockchain ETF (BKCH - Free Report) is probably on radar. The fund just hit a 52-week high and is up 368% from its 52-week low price of $12.15/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
BKCH in Focus
The underlying Solactive Blockchain Index provides exposure to companies that are positioned to benefit from further advances in the field of blockchain technology. The product charges 50 bps in annual fees.
Why the Move?
Bitcoin prices have been on a tear lately, with a 14.6% one-month jump. As a result, companies that mine cryptocurrencies gained lately. Risk-on trade sentiments amid talks of potential dovishness of the Fed boosted these companies and the related funds.
More Gains Ahead?
It seems like the fund will remain strong, with a positive weighted alpha of 285.70, which gives cues of a further rally.