These 2 Crypto Penny Stocks Are Riding High On Bitcoin's $35K Rally — With One Emerging As The Clear Winner
Portfolio Pulse from Mehab Qureshi
The ongoing crypto bull market, fueled by Bitcoin's 110% surge year-to-date, has led to a rise in penny crypto stocks. Bit Farms (NASDAQ:BITF) and Hive Blockchain (CVE: HIVE) are two such stocks. BITF has seen a 33.87% increase in its price this year, while HIVE's price has climbed by 22.79%. An initial $1000 investment in BITF and HIVE starting Jan 1, 2023, would have appreciated to $1338.67 and $1227.94 respectively. A linear regression analysis suggests a strong correlation between the two stocks.
November 06, 2023 | 12:18 pm
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Bit Farms has seen a 33.87% increase in its price this year, outperforming Hive Blockchain. An initial $1000 investment in BITF starting Jan 1, 2023, would have appreciated to $1338.67.
The ongoing crypto bull market has led to a rise in BITF's stock price. Given the current market conditions and the company's performance, the stock is likely to continue its upward trend in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Hive Blockchain's price has climbed by 22.79% this year. An initial $1000 investment in HIVE starting Jan 1, 2023, would have reached $1227.94.
The ongoing crypto bull market has led to a rise in HIVE's stock price. However, it has underperformed compared to BITF. Despite this, the stock is likely to continue its upward trend in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100