Blockchain stocks were once as hot as Beanie Babies were in the 90s. Investors couldn’t get their hands on these stocks quick enough. For a few months back in 2017, when a public company announced it was pivoting to blockchain technology, its stock would jump up over 100% in a day. At the same time, digital tokens were on the rise.
In 2018, digital currencies hit their peak but began dropping rapidly. Investors also began dumping blockchain stocks, and the hype was over. There are still a few blockchain companies holding strong, and today, we’ll take a look at one of them.
HIVE Blockchain Technologies Ltd. (TSXV:HIVE) (OTCQX:HVBTF)
HIVE Blockchain operates as a cryptocurrency mining firm in Vancouver, British Columbia. The company mines and sells digital currencies. HIVE mostly works with Ethereuem (ETH), Ethereum Classic (ETC) and ZCash (ZEC).
Today, the blockchain stock spiked on the TSXV and OTCQX, but it remains unknown at this time the reasoning behind the spike. Less than two weeks ago, the company announced it was approved to begin trading on the OTCQX. The stock began trading that same day of the announcement.
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Since this event, HIVE stock has been slowly climbing. According to Yahoo Finance, HIVE is currently trading at $0.52 a share on the TSXV, up $0.03 (+6.12%). Year-to-date, the blockchain stock is up 85.7%. On the OTCQX, HVBTF is trading at $0.40 a share, up +$0.04 (+13.06%). Year-to-date, the blockchain stock is up 100%.
The cryptocurrency market has made small strides upward in 2019, which also might be contributing to HIVE’s rise this year. The company’s value comes primarily from the success and value of digital currencies. At this time, the stock is continuing to rise, but it remains unknown how long it will keep up with this momentum.
Currently, most digital currencies have corrected from trading higher this weekend.
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