Most of the major blockchain penny stocks are continuing to tumble today—except one. The cryptocurrency market is in a current free-fall and is most likely to blame for the drop in this sect of penny stocks.
While the cryptocurrency market is completely separate from the stock market, there is some market movement correlation between the cryptocurrency market and blockchain technology stocks.
Back in mid-2017, many companies on the fritz of being publically de-listed or at odds with the direction of their company turned to blockchain technology. In doing so, many of their stock prices rose greatly as blockchain technology was the hot topic at the time.
Since February of 2018, the public interest for blockchain and cryptocurrencies has faded dramatically. Still, a lot of the blockchain penny stock companies are holding strong. Let’s take a look at two of them and their latest updates and stock movement.
Seven Stars Cloud Group, Inc (NASDAQ:SSC)
Seven Stars Cloud Group is based out of Beijing, China and operates as a blockchain and artificial intelligence (AI) powered Fintech company. Earlier this week, the company acquired Grapevine Logic Inc.
Grapevine targets the Social Media Influencer market and has become the leader in facilitating the collaboration between advertisers/brands and video-based social influencers and content creators. Grapevine will play a pivotal role in SSC’s consumer asset digitization strategy.
According to Yahoo Finance, SSC is currently trading at $4.54 a share, up $0.38 (+9.13%). In the last five days, the stock is up 17.9% and for the month, SSC shares are up 92.20%. This blockchain penny stock far exceeds any other blockchain stock in its penny stock group.
Coinsilium Group Limited (OTC:CINGF)
Based out of London, Coinsilium Group Limited has done quite the opposite movement on the market today. Coinsilium is a venture capital firm that specializes in funding early-stage startups and accelerates seed-stage investments. The firm invests in blockchain technology startup companies.
>> Vanadium Penny Stocks vs. Lithium Penny Stocks: Sept 6th
According to Yahoo Finance, CINGF has dropped today, trading at $0.10 a share, down -$0.02 (-13.94%).
What do you think will happen to blockchain penny stocks?
Featured Image: Depositphotos/© belchonock
