Crypto-Tied Stocks on the Rise in Synch with Bitcoin

News
Fri, 03/29/2019 - 16:27
Alex Dovbnya
Small-cap companies that jumped on the crypto bandwagon see their shares rising along with the price of Bitcoin
Crypto-Tied Stocks on the Rise in Synch with Bitcoin
Cover image via U.Today
Contents

According to Bloomberg, Marathon Patent Group (MARA) spiked 6 percent Friday while Bitcoin (BTC) is gaining traction. The same applies to other cryptocurrency-based stocks that were supposed to be dead.    

Crypto-Tied Stocks on the Rise in Synch with Bitcoin

Crypto penny stocks

Marathon Patent Group became one of the hottest micro-cap stocks for risk-embracing investors after its acquisition of Global Bit Ventures, a cryptocurrency mining company. However, the IP licensing company failed to live up the initial hype due to the steep decline of the overall cryptocurrency market. Now that Bitcoin is picking up steam again, the company’s shares are following suit.

Notably, the shares of Social Reality (SRAX), a micro-cap advertising technology firm, also rose 6 percent. Riot Blockchain (RIOT), a former biotech company, gained about 2.1 percent.

Related US Stock Market Forecast for 2019 – Key Driver May Be a Strong Labor Market
Related
US Stock Market Forecast for 2019 – Key Driver May Be a Strong Labor Market

Bitcoin’s revival

After a brutal 45-percent plunge in Q4 2018, Bitcoin has already risen 11 percent in Q1 2019. The king of crypto is currently at its highest level since December. After hovering slightly above $4,000 for about a week, the BTC price is struggling to break above the major resistance level of $4,200. At press time, Bitcoin’s price is sitting at $4,098 with a minuscule 0.30 percent increase over the last 24 hours. As for altcoins, Cardano (ADA) price gained 4.48 percent, yet again becoming the best performing coin inside the top 10.

Crypto-Tied Stocks on the Rise in Synch with Bitcoin

Crypto-Tied Stocks on the Rise in Synch with Bitcoin

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.