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Bitcoin Sets Sights on $9,000 as Gold, Penny Stocks Piggyback

Bitcoin Sets Sights on ,000 as Gold, Penny Stocks Piggyback

As Bitcoin continues to show inexhaustible rallying pushes this week, gold has quietly hit its highest point since April (USD 1,298.26 an ounce, spot price), while penny stocks are capitalizing on the Bitcoin buzz.

Early Thursday trading in Asian markets saw a renewed push for Bitcoin to break resistance levels at USD 8,200, although as Europe began to wake up, price tapered back towards its current levels just above USD 8,000.

The bulls will take its ability to keep yesterday’s gains as a good sign of strength, however, and will still be confident of yet another consolidation before another run towards USD 9,000. One Winklevoss brother certainly feels that this is only the “bottom of the first inning”:

Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning! 🚀👍

— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019

Not to be outdone, self-exiled US Presidential candidate John McAfee reminds people that crypto markets are not stock markets and traditional maths cannot be applied:

The more Bitcoin drops in price, the greater the upward acceleration when the downward pressure fizzles out. Remember – the Crypto market is NOT the stock market. It is a new paradigm. Old formulas cannot be applied, and traditional math is impotent when peering into crypto. pic.twitter.com/ReBRT8yYBe

— John McAfee (@officialmcafee) May 13, 2019

Speaking of traditional stocks, penny stocks in North American markets have definitely been enjoying Bitcoin’s stay in the limelight, with stocks like MGT Capital Investments rising as much as 15% on Tuesday when it announced a resumption of Bitcoin mining operations. Others also piggybacking on Bitcoin’s rally include cryptocurrency-related Riot Blockchain Inc, Marathon Patent Group Inc, and Grayscale Bitcoin Trust BTC, which all outperformed the market on their own comebacks.

 

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