3 Robinhood Penny Stocks To Buy As Bitcoin Stocks Push Tech Higher

Are Bitcoin Stocks A Catalyst For Tech Stocks Today?

Bitcoin stocks and blockchain penny stocks are growing in popularity. Wednesday marked a major milestone in cryptocurrency history. The price of Bitcoin broke above $20,000 for the first time in history. Considering the fact that just 5 years ago, the price was below $500 per coin, Bitcoin has been one of the best-performing assets in the investing world during that time. However, the adoption rate for the currency as an actual function of transactions continues to rise at a slower rate. Right now, many are looking to cryptocurrencies as the “new gold” and a potential store of wealth.

However, with Wednesday’s milestone marked, crypto traders and stock traders alike are in somewhat uncharted territory. Furthermore, there are still plenty of investors who’ve remained gun shy even amid this massive rebound in light of 2018’s unfortunate events. Just a few short years ago many witnessed the crypto crash. It eventually saw things like Bitcoin plummet from around $19k at the time to nearly $3,000. So it makes sense as to why traders may be avoiding the currencies themselves and opting for stocks instead.

[Read More] Best Penny Stocks To Buy For Under $4.50? 5 To Watch Today

So what types of stocks are we looking at when we talk about Bitcoin stocks? These can range from companies that mine the coins themselves or ones that create the blockchains. They can also include fintech companies that log the data. You also can’t forget about the companies manufacturing the hardware to actually mine coins as well. The entire ecosystem is quite expansive yet when traders thinking about bitcoin stocks to buy, they tend to simply think of coin miners alone.

Bitcoin Stocks Take Center Stage On Wednesday

Plenty of former penny stocks have clearly demonstrated why a speculative bet on bitcoin stocks is worth it. Marathon Patent Group (MARA Stock Report) has been one of the cryptocurrency mining stocks to watch this year. This week MARA stock reached a new 2020 high breaking above $8 for the first time since 2018. The move since the start of the year is a staggering 884% so far. For those who shy away from penny stocks, understand that Marathon has long-been on the list this year. In fact, shares sunk as low as $0.35 during March.

Then we have companies like MoneyGram (MGI Stock Report). It isn’t necessarily a bitcoin stock in the mining sense. However, it is a company, similar to Square (SQ Stock Report), for example, that has cryptocurrency as part of their business. MoneyGram had been folding in access to cryptocurrency. Now that there’s a mobile app, customers of MoneyGram have access to borderless payment options via cryptocurrency. MoneyGram stock traded as high as $8.93 this year. Coming from just $2 in January, MGI stock is another clear example of why sympathy momentum-fueled penny stock can be worth a closer look.

The thing to keep in mind if you’re looking at this niche right now is to decide if these are blockchain and bitcoin penny stocks to buy or avoid due to recent volatility.

Tech Stocks To Watch

  1. TransEnterix Inc. (TRXC Stock Report)
  2. Future Fintech Group (FTFT Stock Report)
  3. AgEagle Aerial Systems Inc. (UAVS Stock Report)

Robinhood Penny Stocks To Buy [or avoid]: TransEnterix Inc.

Something you’re likely to notice is that the surge in any major tech tends to spur interest in sector stocks. Whether it’s bitcoin stocks themselves or something dealing with technology, on the whole, it’s not something out of the norm, per se. In light of this, TransEnterix Inc. is a medical technology company. Specifically, it develops medical devices.

Aside from tech sector momentum (and some biotech momentum), the comapny also released a big update. TransEnterix reported that its Senhance Surgical System received a registration certificate by Roszdravnadzor, which is the Russian medical device regulatory agency. This allows for the sale of the device in the Russian Federation.

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In its Q3 financials, CEO, Anthony Fernando said, “Looking to the balance of 2020, we are focused on leveraging the continued momentum in system placement and procedures we have created in recent months to deliver on our strategy and bring Senhance’s transformative technology to surgeons, hospitals, and patients globally.”

robinhood penny stocks to buy bitcoin stocks TransEnterix Inc. (TRXC stock chart)

Penny Stocks To Buy [or avoid]: Future Fintech Group

Relating more closely to bitcoin and blockchain penny stocks, Future Fintech Group has become one of the more volatile names to watch this quarter. The penny stock is known for its volatility spikes. Earlier this month, FTFT shares reached highs of $3.38 thanks to excitement within the crypto/tech industry.

How is the company tied to this arena? Future Fintech is a blockchain eCommerce company providing service for financial tech. The company provides things like blockchain-based online shopping platforms like Chain Cloud. It also has an incubator for blockchain-based app projects. Considering the interest building within the space, Future Fintech Group could be a name to take note of heading into the new year.

Just a few weeks ago, the company appointed a new CFO. That was shortly after appointing a new COO as well. The management shakeup adds to the company’s overall strategy to build a global banking and payment platform. Furthermore, the company has taken an M&A strategy to do so. Aside from the blockchain industry catching momentum, it will be important to monitor any potential acquisitions the company is contemplating heading into 2021.

robinhood penny stocks to buy bitcoin stocks Future Fintech (FTFT stock chart)

Penny Stocks To Buy [or avoid]: AgEagle Aerial Systems

Finally, AgEagle Aerial Systems has taken flight today (no pun intended). If you’ve been an avid reader this year, you’re likely familiar with this company. AgEagle sells UAV systems. Earlier in the year there was a lot of speculative trading caused by rumors of a potential deal with a major shipping and retail company. Those rumors weren’t ever confirmed, however, the company’s progress outside of them became a much larger point of interest.

With social distancing, consumers and businesses are trying to find ways to conduct normal business. Obviously things like shipping and receiving, package delivery and the like are a big deal. AgEagle recently entered into a contract manufacturing deal with Valqari LLC to produce its Drone Delivery Stations. What’s more is that AgEagle took an investment stake directly into the company at the same time.

The topic of urban air mobility is becoming much larger in light of things like COVID. This is becoming a global initiative in populated countries. Most recently, China’s government, for instance, has made a hard press forward to lead urban air mobility. China has seen increased traffic resulting in pollution problems in urban areas. The strategy offers a new tool in addressing the problem. Ideally, this would create means of things like delivery, shipping, receiving, all via methods that don’t involve either traffic or pollution. Will AgEagle ultimately benefit from the new, global initiative for UAM?

robinhood penny stocks to buy bitcoin stocks AgEagle Aerial Systems (UAVS stock chart)

The post 3 Robinhood Penny Stocks To Buy As Bitcoin Stocks Push Tech Higher appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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