Interest in cryptocurrencies continues to build as Bitcoin (BTC) and Ethereum (ETH) surge to new highs.
Bitcoin is the largest crytpocurrency that utilizes blockchain technology. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.
Bitcoin is nearing $10,000, currently up 4% near $9,600, commanding a market cap of a whopping $161 billion, up over 1,200% year-to-date. That's equivalent to Boeing (BA) and ironically enough, MasterCard (MA), a global payments network that could potentially be disrupted by blockchain technology down the road. To be sure, both MasterCard and its larger rival Visa are investing in blockchain technologies. Bitcoin is worth more than well-over 90% of S&P 500 companies.
The CME is expected to launch Bitcoin futures sometime next month. ETFs are likely to follow. That will open up the market to a lot more institutional money.
Ethereum (ETH) is the second-largest cryptocurrency by market cap, utilizing a decentralized platform that runs smart contracts. ETH is up 2% near $470, commanding a $46 billion market cap, up almost 5,200% year-to-date.
According to coinmarketcap.com, there are now fifteen cryptocurrencies with a market cap over $1 billion. The total market cap for the cryptocurrency space is just over $300 billion.
As the crypto-mania increases, stocks associated with blockchain technology are surging. Some own cryptocurrency mining operations, some are investing in blockchain technologies and some are offering blockchain trading services.
Stocks associated with the blockchain include:
- DPW +225.27% INTV +57.75% DIGAF +46.43% TEUM +40.69% MARA +36.81% SSC +23.89% BGGWF +22.24% SING +20.65% OMGT +19.72% SGRP +18.84% GROW +17.31% GLNNF +14.00% MGTI +12.30% UEPS +6.30% AMD +1.36% MOGOF -0.54% NVDA -1.21% OSTK -4.38% UBIA -5.36% GCAP -6.60% XNET -7.67% SQ -11.78% SRAX -18.73% RIOT -31.40%