Bitcoin

Stock in Crypto mining firms Riot and HIve massively outperforms Bitcoin

With the development of technology, new avenues such as blockchain and cryptocurrencies are opened. Many companies have started their own blockchain and also mining of virtual currencies or cryptocurrencies, which has sought attention from not only experts in technology but also in finance. Experts watch the growth in both of these fields and compare them to have a better vision for the future about the usage and spread of both technologies. As per the latest update, the blockchain has left the virtual currency Bitcoin far behind. The share prices of Riot Blockchain and Hive Blockchain have performed far better than Bitcoin in recent times. However, not every mining firm is doing well in the market, and some of them have crashed in recent weeks due to the COVID 19 pandemic situation. One of the popular mining firms Canaan, has crashed nearly 70%, and investors are stuck badly in this situation. When it comes to YTD gains, Riot and Hive have clearly outperformed Bitcoin and surprised everyone.

Amazing performance in 2020

The new technological development has opened another option for the traders as they can trade in virtual currencies also. Even in these difficult times when the spread of coronavirus has taken a huge toll on the economy, many stocks are not able to sustain their previous levels, Riot and Hive have given excellent returns for investors. The price of Riot has nearly doubled in recent months, and this has come as a big surprise to everyone in the market. Even Bitcoin has not been able to deliver this performance during the COVID 19 situation. Similarly, the stock price of Hive has tripled, and this is the best performance by any major mining firm in the market this year.

Not so rosy picture across the market

The performance of stocks like Riot and Hive has inspired many people to take up investments in cryptocurrency firms. However, the picture is not that rosy across the market as many mining firms have given average to below-average returns in the last one year. Some stocks like Canaan have given negative returns since the beginning of this year and crashed nearly 70% since January. Similarly, DMG blockchain and Hut 8 have given very little YTD gains during this year. However, most of them saw excellent volatility during this period.

Performance of Bitcoin, Hive, and Riot in recent months

The performance of bitcoin evolution is also decent when compared to many other investments in the market. It went up from $7200 to $9100 since January. However, the performance was overshadowed by other smaller firms like Hive and Riot that have given more than double returns this year.

Hive had a phenomenal run since the beginning of this year and rallied from $0.066 to $0.345 during February. However, after the coronavirus pandemic hit the markets, the shares crashed back to $0.118 during the month of March. The overall returns are now close to double, and this is considered an incredible performance in this situation.

Riot is yet another gem in this market that has given excellent returns in 2020. At the beginning of this year, it was around $1.22 and started rallying till $1.60 in February. However, the COVID pandemic took its toll, and it crashed to $0.65 in the month of March. However, the stock was quick to recover and went till $3.10 in June, thereby outperforming giants like Bitcoin.

Canaan crashes badly in 2020

Canaan started the year trading at $6.02 and also rallied till $8.04 during the month of February. However, after the COVID pandemic hit the market, it fell badly and crashed till $2.81 during March.

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