Grayscale ETNs GBTC which tracks the price of bitcoin and ETHE which tracks the price of ethereum both gapped higher at today's open on the breakout in bitcoin above $20,000. Historically, when bitcoin breaks to major new highs, it tends to trend higher overall, notwithstanding sharp corrections where it can lose 1/3 of its value due to profit taking or negative news. This type of correction looks tiny on a log plot of bitcoin such as in 2017 when it had a number of such corrections as it vaulted from around $1000 to just under $20k.
Ethereum typically then outperforms bitcoin as it is looking to do. Finally, the alt coins follow with the best ones outperforming ETH. A number of key top names (LINK, AAVE, YFI, etc) are on the crypto focus list.
In stocks, cannabis medicine supplier TLRY also had a BGU.
Buyable Gap Up - GBTC ETHE TLRY
| Published: | 16 Dec 2020 12:36 ET |
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