The world knows full well that cryptocurrencies are able to drastically increase their value in less than one year. This is why Bitcoin’s recent surge didn’t go unnoticed and even though the spotlight is on the top cryptocurrencies, there’s definitely more than a few winners. One such winner is the Riot Blockchain (RIOT).
This crypto mining outfit is up more than 20% and is outperforming the majority of cryptocurrencies. Naturally, the most common reason given by experts and news outlets is that Bitcoin is rising. What most news outlets and experts fail to mention, is that Riot Blockchain filed all the required documents to launch a regulated crypto exchange last month.
Riot Blockchain is not relying solely on Bitcoin
This essentially means that the Bitcoin rally is a factor, but definitely not the biggest one. In fact, the performance of many altcoins as well as the top few cryptocurrencies is important.
Last year was definitely not great for cryptocurrencies and especially for ICOs. Some cryptocurrencies lost more than 90% of their value from the all-time high back in January 2018. The first few months of 2019 however, have seen Bitcoin rise to the second most searched word in on Google Trends. Keep in mind that this was even when the price was stuck between $3000 to $3500.
With some major signs that the bear market is nearing its end, the search for Bitcoin is also nearing the end of its hibernation. Riot Blockchain has recorded a huge amount of gains in the recent weeks and investors are beginning to notice.
This unfortunately, does not change the fact that all crypto mining is very cyclical in nature. As a result, companies who deal with only one commodity are incredibly volatile.
RIOT will be a great play when the market is on the upswing, but a terrible one when things start going south. Every experienced long-term investor will tell you that diversification is key. There are of course a few Bitcoin bulls who went heavily into Bitcoin and believe the price will rise above $50 000.
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