Bitcoin Nears Record Highs & Here Are Some Penny Stocks To Watch
Bitcoin prices are surging and just reached all-time highs of roughly $67,000. With that, the market’s risk-on approach is apparent, and that also includes other higher-risk asset classes like penny stocks. While crypto and stocks have their own appeal, some similarities put traders in the middle of a unique paradigm. This isn’t the same cryptocurrency industry that we saw a half-decade ago.
Bitcoin, Ethereum, dogecoin, and plenty of others aren’t as marginalized. Mainstream platforms including Robinhood (NASDAQ:HOOD), Webull, Tradestation, and, of course, Coinbase (NASDAQ:COIN) offer access to this digital ecosystem or currency trading. But, what has also emerged as a notable trend is the new interest in crypto and blockchain-related stocks. What’s more, major tech companies are piling in to gain exposure to this emerging market boom. Everyone from Paypal (NASDAQ:PYPL) to Tesla (NASDAQ:TSLA) is putting Bitcoin on their books to hedge. Better yet, this week saw the launch of the first Bitcoin Futures ETF (NYSE:BITO).
According to the ETF’s overview, “ProShares Bitcoin Strategy ETF is the first U.S. bitcoin-linked ETF offering investors an opportunity to gain exposure to bitcoin returns in a convenient, liquid, and transparent way. The Fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts.”
Bitcoin Penny Stocks To Watch
Now that cryptocurrency has reached the mainstream, mass appeal has centered around the potential beyond trading alone. With that, it may not hurt to take a look at some penny stocks with exposure to this digital space.
Penny Stocks To Watch #1. Alpha Esports Tech Inc. (OTC:APETF) (CSE:ALPA)
You might not think that esports holds a place in the world of Bitcoin. But if you break the industry down to the basics, digital entertainment ecosystems have become an area of interest, especially when discussing payment processing. Alpha Esports and its GamerzArena platform aim to change how casual and professional gameplay is conducted.
According to the company, it boasts over 100,000 active users and a rapidly evolving ecosystem and has already partnered & worked with HUGE names in sports, entertainment, and education. These include professional sports & college teams like the New Jersey Devils, Notre Dame, Syracuse University, and Penn State, to name a few. Alpha is also the Official Online Gaming Portal of Nets Gaming Crew, the NBA 2K League affiliate of the Brooklyn Nets. The company has also established relationships with media outlets, including Barstool Sports and ESPN Radio.
This week the company appointed a new President, Adam Morris. He has more than a decade of leadership in esports, gaming, and digital media to bring to the table. Morris is also co-founder of Oxygen Esports, which is another company Alpha has established a relationship with. While this…