Blockchain technology and cryptocurrencies exploded onto the scene in mid-2017. It took nearly eight years for Bitcoin (BTC) to grasp mainstream attention. While most were concerned with how quickly they could get rich off of the digital currency, major businesses focused heavily on its underlying technology—the blockchain. Blockchain stocks and blockchain penny stocks began to rise on US and Canadian markets when digital currencies rose.
However, in 2018, investors began dumping digital currencies and the total cryptocurrency market cap lost $500 billion in 30 days. At the same time, stock investors began dumping blockchain stocks and blockchain penny stocks as the interest for Bitcoin and altcoins fell.
Today, Bitcoin (BTC) and most digital currencies began to rally, and a few blockchain penny stocks are seeing green. Let’s take a closer look at these companies.
Blockchain Penny Stocks: Hive Blockchain Technologies Ltd (TSXV:HIVE)
Hive Blockchain is a cryptocurrency mining firm based out of Vancouver, BC. Mining firms have taken a strong hit in 2018, as many have had to file for bankruptcy due to the fall of the prices of digital currencies. Hive has remained strong in the crypto bear market of 2018 and today, it has received a significant boost in its share prices.
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According to Yahoo Finance, HIVE shares are currently trading at $0.34 a share, up +$0.08 (+28.30%). The company hasn’t had any recent updates in about a week, so the rise of digital currencies today must be the cause of its recent share price spike.
Blockchain Penny Stocks: HashChain Technology Inc. (TSXV:KASH)
HashChain Technology is also headquartered in Vancouver, BC, and operates as a blockchain technology company that focuses on cryptocurrency mining. Today, KASH is the top traded stock on the TSXV by total volume.
The blockchain company hasn’t released any new updates in nearly seven months. The blockchain penny stock’s rise today may be from the rise of digital currencies. At press time, KASH is trading at $0.035 a share, up +$0.005 (+16.67%). KASH saw nearly $10 million CAD of volume today on the TSXV.
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