The cryptocurrency boom has sustained for many months now and it anything; it is expected to continue in the future.
As a consequence, there is considerable interest among investors to invest in stocks that are related to the crypto industry.
One of the blockchain-related stocks that could be tracked by investors at this point is that of HIVE Blockchain Technologies Ltd (OTCMKTS:HVBTF).
The HIVE stock has been on a remarkable run over the course of the past three months and rallied by as much as 1100% as investors continued to pile onto it. The rally in HIVE Blockchain Technologies Ltd (OTCMKTS:HVBTF) continued in recent days and that might be due to the long-term possibilities of blockchain and crypto-related stocks.
The HIVE Blockchain stock managed to maintain its upward move last week primarily because of certain key developments. One of the biggest pieces of news was the revelation from Elon Musk owned Tesla that it invested as much as $1.5 billion in Bitcoin.
On the other hand, a Bitcoin ETF (exchange-traded fund) was approved by the relevant regulatory authorities in Canada. There are two highly important pieces of news since it indicates that mainstream acceptance of Bitcoin and cryptocurrencies may not be that far away.
However, that is not all. There were two more developments last week that further boosted the confidence of investors in the future of companies like HIVE.
Wall Street giant JPMorgan Chase seemed to suggest that it is soon going to start accepting cryptocurrencies as investment class assets. Last but not the least, HIVE’s competitor Argo announced that it is building another huge facility in order to expand its mining operations.
All such factors went into maintaining the bullish sentiments around HIVE Blockchain last week and it remains to be seen if the stock can continue to record gains this week. It could be a good idea for investors to keep an eye on the stock and watch the price action.
Disclaimer: We hold no shares of HIVE stock.