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Wednesday, May 12, 2021

Can Meme Stocks Give Bitcoin A Tough Fight?

The demand for bitcoin as a digital asset has become incredibly high among investors. The popularity of digital currency is rising significantly in crypto markets. Recently meme stocks like Blockbuster, AMC, and GameStop are making a noticeable improvement in the stock market. Reportedly, a stock that was worth $5 in 2020 has increased to $300 now.

Bitcoin Vs Meme Stock

In recent days, there has not been much growth in bitcoin’s price. For the past 24 hours, it has been down by 6%. Similar to previous cases, the famous cryptocurrency is now going below the range of $30,000 after it swelled above the price of $40,000. As bitcoin takes a bullish price action, many investors show the dilemma of moving towards other alternative options. Meme stock is eventually becoming popular as it is cheaper and easier to trade for investors. It also enables the retail traders to obtain leverage easily. Meme stocks can definitely be more interesting to trade and it can also allow investors to gain good profit.

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Bitcoin, nevertheless, proves to be more advantageous than any alternative cryptocurrencies and meme stocks. It has made outstanding growth in the previous months as well. The oldest cryptocurrency in the world witnessed a momentarily lapse, dipping below $20k at one point. Yet, its prices remain higher than several in competition. 

But whether the investment in meme stocks like GameStop can reduce the trust in cryptocurrencies remains a question. It is reported that trading in some of the meme stocks has been restricted by Schwab and TD Ameritrade. Though there is less chance of investors to completely abandon bitcoin for these alternative options, we still remain curious about the opinion of the Securities and Exchange Commission regarding meme stocks.

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