Several companies announced today their recent moves to becoming involved with the blockchain industry, including Net Element, Inc. (NASDAQ:NETE) and NXT-ID Inc. (NASDAQ:NXTD), as well as LongFin Corp. (NASDAQ:LFIN) which made its announcement on Friday, December 15. Each of these companies saw a major increase in their stocks when their announcements were made while the market was open, so now let’s check back in on them to see where the stocks ended off. We’ll also take a look into how the blockchain industry has done today, taking a closer look at blockchain companies 360 Blockchain Inc. (OTC:BKLLF), Global Blockchain Technologies Corp. (TSX-V:BLOC), HIVE Blockchain Technologies Ltd. (TSX-V:HIVE), and Riot Blockchain Inc. (NASDAQ:RIOT).
Net Element, Inc.
When last reported, Net Element’s stock was at $21.23. With the close of the market, the stock has declined to $19.39, which still puts it up $14.18, or 272% from where it was at yesterday’s close of $5.21. The stock had an amazing climb today, reaching $23.62 around midday for its highest mark. Obviously, the news that it would be joining forces with Bunker Capital to provide blockchain connections between consumers and merchants was a big hit with investors and boosted Net Element’s stock.
NXT-ID Inc.
Similar to Net Element, NXT-ID announced that it would be using blockchain technology to allow people to start paying for things with cryptocurrencies through the FitPay platform. NXT-ID’s wholly owned subsidiary, Fit Pay, would be partnering with Cascade FinTech to work on this.
NXT-ID’s stock didn’t jump nearly as high as Net Element’s, but it did still see a 75% increase (+$1.36) to $3.18 from Tuesday’s close of $1.82. Today, NXT-ID shares reached a high of $3.72 at around 1:30 pm EST. At its lowest point, it was still above Tuesday’s close by $0.70.
LongFin Corp.
The final company making its debut in blockchain that we’ll be reviewing is LongFin Corp. LongFin made huge news when it jumped to $126 on Monday. The company had announced on Friday prior that it had bought out Ziddu.com, thus initiating the company’s entrance into the blockchain market. Before this, LongFin shares were trading at around $5.
The stock has declined a bit since its high on Monday, but it is still up from Tuesday’s close of $68.27. Today, LongFin shares closed at $68.50, which is still a remarkable increase from before the company became involved with blockchain and also gives LongFin the highest stock price of the three companies that have recently entered the blockchain sector.
That gets us up to date on some of the blockchain-related stocks, but how are the actual blockchain companies doing after today?
Ironically, a lot of the blockchain companies appear down since Tuesday’s close. This is not to say that blockchain, on the whole, is down, but the smaller blockchain companies aren’t doing as well as their blockchain-related counterparts.
360 Blockchain Inc.
Shares for 360 Blockchain Inc. closed at $0.24 today, putting the company’s stock down $0.02 (about 8%) from Tuesday’s close of $0.26. The stock showed a fairly steady decline throughout the day, hitting $0.27, at its highest, closer to the start of the day and declining to $0.23, at its lowest, near the end of the day. A tiny final burst in the stock left it at its closing price of $0.24.
Global Blockchain Technologies Corp.
Global Blockchain didn’t fare much better, seeing a $0.12 (6.56%) decrease to close at $1.71. Yesterday, the stock closed at $1.83. Like 360, Global saw a pretty steady decline in its stock throughout the day, with its current price being just above its lowest price of $1.69 for the day, which it had hit only minutes before the market closed.
HIVE Blockchain Technologies Ltd.
HIVE closed at $2.929, putting it very close to its closing price from yesterday. HIVE saw a decrease of $0.004 (or 0.14%). HIVE did manage to recover its stock after it fell to $2.65, and reached a high of $3.099 before leveling off to its current price.
Riot Blockchain, Inc.
Riot’s stock is the highest of the bunch, but today still marked a decline for the blockchain company. Riot closed at $36.12, which puts it down $2.48, or 6.42%, to yesterday’s close of $38.60. After dropping to $33.36 just before midday, the stock climbed back up to its current price, and perhaps tomorrow we will see a continuation in that climb.
So why would these blockchain companies be going down when the companies that have just entered into blockchain have all see massive increases in stock? The cause is likely due to the novelty of Net Element, NXT-ID, and LongFin’s entrance into blockchain. The other blockchain companies have already been going at it for a while, so they’re already old news. People want in on the newest, shiniest blockchain stock, and at the moment, that’s Net Element, NXT-ID, and LongFin. Next week, it may be another stock entirely.
Featured image: Twitter
