Top 2 Outperformers of the PRISM Emerging Blockchain & Crypto Index
Cryptocurrency and blockchain technology has seen a resurgence in demand and interest over the past several months. The building anticipation was enough to push Bitcoin to a new record high of just under $40,000. Bitcoin’s price has since pulled back to $32,000s, but experts are gearing up for potentially another run higher at some point in 2021.
Dubbed “digital gold,” Bitcoin has some die-hard supporters claiming that the flagship crypto is the new gold. Bitcoin and gold have seen their slightly positive correlation increase in recent months, as the massive printing of the U.S. dollar continues by the Federal Reserve.
However, Bitcoin and the rest of the cryptocurrency ecosystem do face potential headwinds with some new cabinet members of the Biden Administration. Newly-appointed secretary of the treasury, Janet Yellen, has voiced support for increasing regulations of crypto. This includes potentially limiting the use of cryptocurrency. Despite past run-ins with regulators, Bitcoin’s long term performance shows the digital currency largely shakes off scrutiny.
With Bitcoin and blockchain technology coming back into the forefront of financial news, here are the two top performers of the newly-created PRISM Emerging Blockchain & Crypto Index:
Marathon Patent Group
Marathon Patent Group, Inc. (NASDAQ: MARA) is focused as a digital assets company, which primarily mines cryptocurrencies. Shares of the Las Vegas-based crypto miner have skyrocketed 1,647% over the past year, including almost 70% so far in January 2021 alone.
Marathon Patent has been active in scooping up Bitcoin amid the market pullback. On January 25, 2021, the company announced that it had purchased 4,812.66 BTC for an aggregate price of $150 million.
In what may be a surprise to many, Overstock.com, Inc. (NASDAQ: OSTK) is a hybrid e-commerce & crypto company, after launching tZERO several years ago. During 2020, tZERO crypto app saw a massive surge in dollar value ($53 million vs. $5 million in 2019) traded across its platform. User growth surged 180% year-over-year, launched broker-dealer function, signed additional partnerships, and further secured the platform.
Overstock’s tZERO platform has come a long way since its foundation years ago. With growth continuing to compound over at the tZERO subsidiary, will it be time for the e-commerce giant to spin off tZERO?
Overall, cryptocurrency continues to captivate traders and financial market participants, thanks to younger investors’ championing Bitcoin. Despite the naysayers, Bitcoin has continued to reach new heights and defy doom-and-gloom outlooks. Companies that are tied to the crypto revolution are seeing their efforts begin to pay off.
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