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Bitcoin (BTC) is the face of the cryptocurrency industry. This is especially true as an investment vehicle. The ride has been rather wild in recent years. Yet, the net gains remain impressive. According to ArmyOfBitcoin.com, BTC is still up more than 25 percent this year.
Trading values started the year around $7,200. Recent market value is around $9,200. This reflects a healthy market gain of 27.8 percent. Most investors would be satisfied with that return. However, other crypto-related investments blow this number out of the water.
Interestingly, the two Bitcoin Mining firms are BTC mining firms Riot Blockchain and Hive Blockchain. Trading on much lower volume, Riot has gone from $1.22 to start the year to $2.29 in recent trading. That ride as been highly volatile as well. Lows slipped to .65 cents in March to a high of $3.10 on June 10.
Hive Blockchain has been even more volatile over the past six months. The starting point was .066 cents in early January. After reaching .345 cents in mid-February, there was a retreat backwards to .033 by mid-May. The current value is around .228 to reflect a gain of 345 percent.
Not all crypto mining firms have prospered this year. The current value of Canaan’s stock price has plummeted 70 percent since Jan. 1. Hut 8 and DMG are two more mining firms. They are each up slightly this year.
Expansion enabled Hive to double its mining capacity to help drive that growth. It has been a whole other story at Canaan. It started the year at $6.02. A quarter that value was lost by mid-February. The decline continued to $2.81 by mid-March when the coronavirus first took hold. The current trading value is $1.82.
Looking to the past for clues, market values remain uncertain in future projections. This applies to anything tied to cryptos. The overall volatility of investing in this realm remains high.
Forex traders have always been drawn to crypto investments. This created the need for a trading platform that could accommodate similarities between the two. The company that launched the platform in mid-June is CryptoAltum.
This trading platform provides access to crypto-centric products with the use of MT5. This is in response to growing demand from traders covering foreign currencies. This could provide an alternative to buying and selling digital assets on existing digital currency exchanges.
One of the benefits is simple and fast registration. This eliminates a number of time-consuming steps while also protecting anonymity. The platform has been optimized to create a seamless path for trading cryptos. This includes lightning-fast order executions.
• Source: Stock in Crypto Mining Firms Riot and Hive Massively Outperforms Bitcoin From Cointelegraph.com On July 3, 2020.