Bull Of The Day: Riot Blockchain (RIOT)
It's time to gain exposure to the skyrocketing cryptocurrency market as a tidal wave of curious individual and institutional investors alike pour into this booming asset class.
Riot Blockchain RIOT, now one of the world's largest public bitcoin miners following its recent acquisition of Whinestone US, is positioned to provide us with the rare and exciting opportunity to profit off the surging crypto market's already prolific rally.
Bitcoin BTC rallied 125% in just three months (lows on July 20th and highs on October 20th) to notch a fresh all-time high just over $67,000 a coin, remaining buoyantly above $60K today. Roughly $1.5 trillion of value is being added to this legitimizing asset class as deep-pocketed institutional investors begin to deploy capital into this ambiguous market. The opportunity cost of not being a part of this rapidly appreciating asset class is just too great not to have some exposure.
RIOT, which is closely tied to the performance of bitcoin, had initially overshot the crypto rally in the first month and a half of the year as momentum chasing traders such as the (self-proclaimed) "degenerates" on r/WallStreetBets (WSB) drove this leading miner's shares far above their intrinsic value. RIOT surged as much as 385% at the beginning of 2021, but its momentum-driven valuation bubble has since deflated. The stock is now trading over 65% below its highs to the value opportunity we see today.
Continue reading: https://news.yahoo.com/bull-day-riot-blockchain-riot-110011278.html