(C) Reuters. Is Riot Blockchain a Buy Under $30?
Shares of cryptocurrency miner Riot Blockchain (NASDAQ:RIOT) have been dropping over the past few trading sessions. Is now a good time to scoop up shares? Or should investors stay away from this volatile stock.According to 360 Research Reports, the cryptocurrency mining market is estimated to expand at a CAGR rate of 16.1%, hitting $1.614 billion by 2025. However, the price of crypto mining stocks strongly depends on the price of cryptocurrencies, network hash rate, block rewards, and the price of miners. With a Bitcoin price drop to as low as $41,967 during the weekend, shares of crypto mining companies have followed the same trend.
Which is why today I’m going to take a look at one of the largest crypto miners in North America, Riot Blockchain, Inc. (RIOT). Headquartered in Castle Rock, Colorado, RIOT has gained 55%, underperforming its benchmark, Bitcoin (BTC), which has gained about 70% over the same period.
Shares of RIOT dropped 13.13% on Friday, and at the time of publishing this article on Monday morning, are down another 8%. So is now a good time to scoop up shares of RIOT? Or should investors stay away?
Is Riot Blockchain a Buy Under $30?
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