With Bitcoin trading above $4,000 level, the enthusiasm for cryptocurrencies seems to be gaining momentum. The bullish momentum prompted Jesse Lund, the VP of Blockchain and Digital Currencies for IBM, to say that Bitcoin will eventually reach up to $1 million! Meanwhile, other altcoins like Ethereum gained 2.23% to $149.67 and EOS gained 3.38% to $3.92, providing the cryptocurrency investors with hope that the table might be turning.
However, the real world application of blockchain is far wider than having the gift of cryptocurrencies and we learned that Malta is planning to put educational certificates on the blockchain. The report from MaltaToday reaffirmed the island’s plan to become a hub for crypto technology in the Mediterranean.
In the private sector, the German banking giant Commerzbank, Continental, and Siemens have run a pilot involving money market security transactions. The processing of payment usually takes up to two days due to a clearing process, but with the blockchain, the platform will significantly reduce the transaction time.
Deutsche Boerse runs Eurex, a derivatives exchange in Germany, is in the process of launching cryptocurrency futures, reported The Block. Commenting on the news a Deutsche Börse spokesperson said that they are “thinking about futures, with which private investors and institutional investors can protect existing investments in bitcoin or set for falling prices of the cyber currency.”
Based on our research, we found that the following blockchain stocks demonstrated notable price movements based on shifts in their company fundamentals.
BIG Blockchain Intelligence Group Inc.
BIG Blockchain Intelligence Group Inc. (BIGG) is one of the leading developers and providers of cryptocurrency risk-scoring and data analytics tools. On February 19, the Vancouver, Canada, based blockchain company said in a press release that it has successfully launched the Crypto Fusion Center (CFC) to serve as a community resource dedicated to fighting the criminal use of cryptocurrencies.
After the press release was announced, BIG Blockchain Intelligence Group Inc.’s stock turned bullish and broke above the downtrend line. Interestingly, the Commodity Channel Index also experienced a huge bullish jump and produced a buy signal.
Although we saw a clear break above the downtrend line, the stock price found resistance near the $0.105 per share produced a minor pin bar. If we see the stock price breaking above this resistance, it will offer blockchain stock investors with a good opportunity to increase their exposure to the company. The key is that there is hardly any major technical resistance before $0.15 per share, which offers almost a 50% upside potential for this blockchain stock.
Digitalx Ltd (DCC) is involved in developing blockchain technology based out of Perth and New York. It mainly provides ICO advisory services, blockchain consulting services, and blockchain-related software development.
On February 17, Bitcoin & Stock Journal reported that analysts are expecting its stock price to reach $0.33 in the coming year.
After the new price target was reported, Digitalx Ltd’s daily time frame stochastic indicator turned bullish and produced a clear buy signal. However, so far, the resistance near the $0.06 per share level is holding the blockchain stock from gaining additional bullish momentum.
If we see the stock price breaking above the $0.06 per share level in the next couple of days, it will open up the possibility to reach $0.075 per share, offering blockchain stock investors to increase their exposure to the company a short-term momentum trade.
There are legitimate concerns regarding the use of cryptocurrencies in illegal activities and the BIG Blockchain Intelligence Group Inc.’s Crypto Fusion Center is a move in the right direction to help fight such abuse of the technology.
With the Bitcoin gaining momentum, industry analysts are becoming optimistic about the future of cryptocurrencies once again. However, the real intrinsic value of the blockchain technology is ever evolving and Malta’s initiative to start storing educational certificate is just one example of how versatile the decentralized database technology can be in real-world applications.
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