Best Blockchain Penny Stocks to Watch as Cryptocurrency Flies Sky High
As penny stock investors continue to remain interested in high volatility stocks, cryptocurrencies also have become extremely popular this past year. As the world moves further and further into the digital age, we are seeing a transition from normal paper currency to digital. This transformation is also a major benefit to penny stocks involved in the crypto market.
There are many reasons for this change that we will go into shortly. But first, it’s important to mention that, as investors, trading penny stocks with an open mind can offer many opportunities for portfolio growth.
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The first reason for this currency transition is due to online e-commerce and banking. With new systems such as Apple pay, Venmo, and Zelle there is little reason for a person to carry cash. The second reason being, that rising rates of inflation and debt, have many worried about the dollar value in the short term. And overall, this has led to the public wanting a decentralized way to purchase goods.
As cryptocurrency grows it opens up the opportunity for many other investment opportunities. Namely, blockchain penny stocks. Many businesses have formed in the wake of the crypto revolution, creating more value with penny stocks under $5. There are many areas that these companies work in. This includes property for data mining, software development, or assisting other businesses to implement digital currency.
In addition, the rise of cryptocurrencies like DogeCoin, Bitcoin, Ethereum, and a whole slew of altcoins, has helped to bring in all new investors into the crypto space. Simultaneously, many companies have begun investing in blockchain and cryptocurrency-related products.
Without a doubt, the innovation that spurred by the crypto market shows promise for many penny stocks to watch. With this, here are four crypto and blockchain-related penny stocks that are must adds to your May watchlist.
4 Cryptocurrency Penny Stocks to Watch in May 2021
- ZW Data Action Technologies (NASDAQ: CNET)
- SOS Limited (NYSE: SOS)
- Uxin Limited (NASDAQ: UXIN)
- Ebang International Holdings Inc. (NASDAQ: EBON)
1. ZW Data Action Technologies (NASDAQ: CNET)
Over the past few weeks, we have been covering ZW Data Action Technologies. It has returned over 110% this past year and continues to show potential as we move into the 2021 post-Covid-era.
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CNET is highly integrated with modern systems such as internet advertising as well as blockchain technologies. This penny stock specializes in clientele with small to medium-size businesses, providing services such as precision marketing, data analytics, and other blockchain-related integrations.
As the economy reopens and we move past in-person restrictions, the CNET CEO, Mr. Handong Cheng, is…