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The ongoing turbulence in the US stock market was reflected in cryptocurrencies this week when the bitcoin fell to a new low of $ 3368 and Ethereum dropped to $ 81.
However, Morgan Creek Digital, an institutional fund manager who focuses primarily on cryptocurrencies and other relevant digital assets, said he wanted to bet $ 1 million on the fact that their portfolio of assets will outperform the S & P 500 in the next decade.
Hester Peirce, a commissioner of the US Securities and Exchange Commission (SEC), asked investors not to hold their breath while they waited for a fund traded on the Bitcoin exchange (ETF). Meanwhile, the SEC has further delayed its decision on a bitcoin-based ETF until February 2019.
Despite the recent turbulence in the cryptography markets, Netcoins, an encrypted company that allows thousands of resellers to function as virtual cash dispensers, said it has continued to grow numbers of first-line transactional revenue. The Netcoin set a new record for its largest single transaction in November, which amounts to $ 4.5 million CAD.
Based on our research, we have found that the following blockchain stocks have demonstrated substantial price movements based on changes in their corporate fundamentals.
HyperBlock
HyperBlock Inc. (HYPR) offers hosted mining sales and hash installments and proprietary secure deposit solutions. The business model of HyperBlock is to help people and businesses create, safeguard, manage and grow cryptographic resources.
Last week, HyperBlock launched a new cryptographic insurance product called HyperVault. The press release said it had signed an agreement with a Caribbean bank to protect cryptographic assets through HyperVault, its proprietary and insured crypto-custody service.
"While it has been a demanding road that has required significant attention and investment, HyperVault is a potential turning point for HyperBlock," said Sean Walsh, CEO of HyperBlock.
HyperBlock also announced that it had earned $ 5 million in revenue during the third quarter of 2018.
After HyperBlock's Q3 sales news was published together with the new custody service, its shares outperformed the long-term downtrend line. Previously, he found strong support near $ 0.04 per share level.
Given the recent bullish momentum and strong fundamental developments in society, there is a strong possibility that stock prices will continue to rise in the coming days and try to test the next resistance around $ 0.125 per share soon. In addition, the rigid uptrend line in the Commodity Channel Index suggests a sustained rise in the daily chart. So, as long as the share price is trading above $ 0.04 per share level, investors should feel confident about increasing their exposure.
LeoNovus Inc
With a team of blockchain and software experts, LeoNovus Inc. (LTV) provides the storage of objects defined by the software. In August, after publishing the second quarter earnings, we argued that the company's stellar financial performance will help build an uptrend for the company. By the end of September, LeoNovus Inc's shares nearly doubled in market capitalization. Over the past two months, it has lost most of the bullish momentum and the price has fallen below support close to $ 0.175 per share. Currently, around $ 0.155 per share is being traded near the support.
Last week, LeoNovus Inc released its third-quarter earnings and said it had identified and qualified 62 client projects and added three channel partners in the third quarter, where most of these customers are large companies.
In the press release, LeoNovus Inc said it had additional potential projects with its large Canadian banking customer, which should generate additional revenues in 2019. While the company continued to record losses in the third quarter, the cash balance remains the same. improved six times in the last year.
Given the solid balance sheet reported in the third quarter and the potential for future revenue, we are confident that it will help drive a new wave of bullish momentum for the LeoNovus Inc stocks in the coming weeks. However, prudent investors should note that there is strong volatility in the US equity market and that it could affect the risk of the system in global actions that could have a negative impact on the price of LeoNovus Inc's shares in the short term.
So, we would like to say that investors should expect the stock to outperform near $ 0.175 per share before increasing their exposure to the company.
Bottom line
The increase in US Treasury yields posed a major problem in the global equity market and this week we saw some major price swings in the technology sector that affected blockchain stocks to a large extent. However, the underlying fundamentals of most companies in the sector remain strong and investors should focus on the long-term income potential of decentralized applications, these companies devote their resources rather than short-term volatility in the market.
disavowal
The Blockchain shares have not been paid to mention any shares / companies within this article nor do we own shares in any of the companies mentioned in this article. More information on our complete disclosure can be found here – Full Disclaimer.
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