Social Media Sidebar

Announcement

Please sign up, comment on articles and bring your friends!

Current poll

PlanetTech is asking:

What do you think about our new web site?

Love it, indeed
Really good solution
Same as old one
The old one was better
This is a new option

Quote of the day

Just because something doesn’t do what you planned it to do doesn’t mean it’s useless.

 

Thomas Edison

Cryptocurrency stocks hold on despite Bitcoin drop

RATE THIS! +28
Posted in Online on 23rd Dec, 2017 07:45 AM by Alex Muller

Stocks that surged in recent weeks have managed to hold onto most of their gains despite the recent retreat in the price of bitcoin and scepticism from market participants. 17 stocks of companies that have made blockchain or cryptocurrency announcements showed an average gain of 224 percent through Thursday’s close.

 
For example, shares of Long Island Iced Tea Corp jumped nearly 300 percent on Thursday after the beverage maker said it would rename itself Long Blockchain Corp to reflect a new focus on blockchain technology.
 
The moves are reminiscent of the tech boom, when the market value of companies such as Zapata and Books-A-Million rose sharply after they announced an internet business or an updated website. After the dot-com bubble burst, many of the companies went out of business or became much less valuable.
 
“There’s been a continued surge of crypto headlines,” said Michael Antonelli, managing director at Robert W. Baird in Milwaukee. “It’s gotten more worrisome as more companies have changed their names. It’s the kind of stuff you saw back in the dot-com era.”
 
Many of the crypto stocks came under pressure on Friday, as the price of bitcoin tumbled below $12,000 to put it on track for its worst week since 2013. Riot Blockchain dropped 15.3 percent to $23.36, and Overstock.com, which announced in August that it would accept major alt-coins as payment, was down 6.5 percent at $63.05.
 
Even with the declines on Friday, bitcoin itself is still more than double from its price at the start of November while the stocks are still well above their prices before the companies made cryptocurrency announcements.
 
While the stocks are susceptible to price moves in bitcoin itself, analysts caution investors should make sure the company has a credible business model.
 
“It is a buyer beware time,” said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.
 
“Long term it may hurt these companies because if bitcoin does settle down to being a product that trades like most products and doesn’t have crazy moves every day, it is going to make people look at these companies and ask what is really going on here.”

Tags: bitcoinsoftwareblockchainonline

Read original article » Back to category

Comments



 

Recent headlines

  • Posted in Business on 2018-12-16 10:11:27
    Microsoft researchers beat Tencent and Intel in.....read more
    Posted in Hardware on 2018-12-14 18:46:46
    Starlink Means SpaceX Revenue Might Be Double NASA's Budget..read more
    Posted in Business on 2018-12-14 18:42:06
    IBM Has Ten Artificial Intelligence Achievements and.....read more
    Posted in Business on 2018-12-13 14:32:06
    China Mission in Lunar Orbit and May Race SpaceX for Next.....read more
    Posted in Business on 2018-12-13 14:20:51
    Apple will build a new $1 billion campus in Austin amid.....read more
Posted in Business on 2013-10-10 01:33
China is working towards a manned lunar mission in about.....read more
Posted in Business on 2013-10-20 07:17
Spacex says China is their main competitor for commercial.....read more
Posted in Software on 2013-10-20 06:43
Pirate Bay Browser Clocks 1,000,000 Downloads..read more
Posted in Medicine on 2013-10-10 02:10
Google reportedly investing hundreds of millions into new.....read more
Posted in Medicine on 2013-10-14 03:13
Endothelial Cells Can Repair and Regenerate Organs,.....read more
Posted in Science on 01.01.2010
Spacex says China is their main competitor for commercial.....read more
Posted in Science on 01.01.2010
Staring at Your Phone Could Be Making You Short Sighted..read more
Posted in Science on 01.01.2010
Oculus Rift virtual reality headset coming to mobile, but.....read more
Posted in Science on 01.01.2010
China is working towards a manned lunar mission in about.....read more
Posted in Science on 01.01.2010
Delivering drugs via nanoparticles to target mitochondria..read more

Recent Blog Posts

  • Posted by AlexMuller
    Even light drinking increases risk of death..read more
    Posted by AlexMuller
    Researchers have discovered how to slow aging..read more
    Posted by AlexMuller
    Human retinas grown in a dish explain how color vision develops..read more
    Posted by AlexMuller
    The smartphone app that can tell you’re depressed before you.....read more
    Posted by AlexMuller
    Neural networks don’t understand what optical illusions are..read more

Login to your Account

Login to your PlanetTech Account here

Username:
Password:
Remember me
or

Create a New Account

You just need username and password

The following errors occured:
Username:
Email:
Password:
Verify password:
Remember me