The bitcoin market is very hot. The price of bitcoin rose to all-time highs today. Bitcoin futures closed the trading day at $1145, the highest point ever, after almost touching $1200 during trading. Bitcoin stocks are sharing the excitement, as most of the bitcoin stocks which are trading on the OTC market are ten-baggers since November.
The bitcoin price chart looks much more constructive at this point compared to 2013 when it made its previous all-time high. The rise in the last 24 months has been steady, and accelerated only in the last 6 months.
Bitoin stock go ballistic
As bitcoin is performing quite well, bitcoin stocks are in overdrive. There are not many bitcoin stocks trading on public stock exchanges. Many bitcoin stocks are too small for an IPO, and, hence, not accessible for public trading. The limited number of bitcoin stocks available on public markets are mostly available on the OTC market.
One such bitcoin stock is Global Arena Holding, a tiny company with a market cap of just $1M. The stock price rose from $0.0012 in November and closed at $0.012 today. When it broke out in the first week of February, InvestingHaven’s research team wrote Bitcoin Stock Global Arena Holding 10-Bagger Now Breaking Out, making the point that it would have ten-bagger potential as it was crossing $0.005. Yesterday, the stock touched $0.02.
One of the most interesting observations on the GAHC price chart is a stable trading volume, sufficiently higher to suggest interesting in this stock. Moreover, there is sufficient room for a rising stock price until really strong resistance is met.
Bitcoin stocks are expected to remain hot for a while. At a certain point, bitcoin will correct, and stocks will follow that path. That point is probably not now though.