The cryptocurrency boom shows no signs of cooling off.
Last checked, Bitcoin was up another 4% in the last 24 hours to $28,003. Ethereum is up to $731.51. Polkadot is up 10% to $7.27. Cardano is slightly above 18 cents. All on the idea the market could see a “tidal wave” of institutional interest, and even more retail buyers jumping into the FOMO opportunity.
Even better, analysts say Bitcoin could rally well beyond $100,000.
Citibank for example says we could see $318,000 BTC in 2021. Guggenheim is calling for a valuation of $400,000. JP Morgan says it could rally on a $600 billion catalyst, which includes just a 1% allocation from global pension funds and insurance companies.
If cryptocurrencies can continue to push higher, you can always buy cryptocurrencies.
Another way to potentially profit from higher highs in the crypto market are with miners, like Marathon Patent (MARA), Bit Digital (BTBT), and Riot Blockchain (RIOT).
- Over the last few weeks, Bit Digital completed the acquisition of $13.9 million worth of Bitcoin miners.”We are very pleased to announce the completion of the transaction and to issue our shares in exchange for bitcoin miners,” Erke Huang, the Chief Financial Officer of the Company said. “Also, with these miners installed, the utility cost will be further decreased and increase our profit margin.”
- Marathon Patent announced it would buy 70,000 mining rigs called Antminers from Bitmain for $170 million.Once this transaction is complete, MARA could have a fleet of more than 103,000 miners.
- Riot Blockchain said it would buy 15,000 miners.Riot CEO Jeff McGonegal said that continued growth in deployed miners is “paramount to a miner’s success,” adding further: “Expanding the Company’s bitcoin mining hash rate and operating on a cost-effective basis is very important, particularly during periods when the bitcoin spot price has appreciably increased.”