For the first time in I don’t know how long, we are finally seeing a reversal on the usual storyline. Large, popular miners that get all of the attention and fan fair such as Marathon Digital Holdings and Riot Blockchain are dropping as the smaller miners and arguably better run begin to make ground.
Bitcoin has remained relatively steady over the past 24 hours which is really a sigh of relief as the previous week has been torture. With this new found zen state bitcoin is in, you would expect that the tide will come back in and everyone will rise. Well you thought wrong.
In what appears to be a strange twist of fate, companies like Argo Blockchain, HUT8 Mining as well lesser known crypto investors such as KR1 are rising. It makes a lot of sense to me at the moment why that is.
The larger companies with the bigger market caps have a broader investor base with different expectations. I spoke about this yesterday in regards to how I think such an investor base could cause problems for a companies stock. After all of the continuous bad news, it would not surprise me that even during a period of stability (even if brief) that the pain doesn’t subside straight away like it does for smaller miners. Investors in it for the ride want out quickly.
It certainly doesn’t mean that tomorrow won’t come and MARA and RIOT won’t also rise. I am just merely pointing out the fact that with more attention comes more problems.
It also makes sense that during the panic over the past few weeks, investors may have become more aware of the broader crypto marker. I have tried my best at bringing attention to some companies that I think are doing a fantastic job. Argo Blockchain for starters are unbelievablly profitable and are currently trading at a 5x PE multiple (WOW). I also like KR1 who are doing a fantastic job at diversifying their holdings in the DeFI space.
Overall though, whether you’re invested in only one of the companies mentioned, some of them or all of them. We all collectively hope that tomorrow is better!
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