Bitcoin Has Risen 57% in the Last 30 Days! Buy 2 Stocks to Ride the Wave

Bitcoin has pulled off a U-Turn and has started to rise at a powerful pace before hitting rock bottom, as many expected it to. Two stocks should now be on your radar.

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A depiction of the cryptocurrency Bitcoin

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Once again, Bitcoin has defied expectations. When it started to slump for real in May 2021, many investors and experts believe that it would reach new depths, maybe even a four-digit price tag before the next spike way into the future.

The combined weight of the Chinese government’s breakdown of miners and environmental concerns surrounding Bitcoin mining, which were voiced by influential voices like Elon Musk, would be too much for this crypto.

But Bitcoin didn’t fall as far as many predicted. Neither did it stagnate. The crypto is already rising quite steadily and has grown about 57% in the last 30 days alone. And right now, the other spectrum of predictions about Bitcoin seems more realistic.

Even if it doesn’t reach the very hopeful half-a-million USD price tag, like some experts thought it would, the US$100,000 seems quite likely. And even if you aren’t keen on buying the crypto itself or gaining direct exposure through its ETFs, it might be a good idea to keep an eye on two crypto stocks.

A blockchain company

HIVE Blockchain (TSXV:HIVE) has already started to follow Bitcoin’s rise to the top (wherever it is), although its recovery and growth pattern is a bit delayed. The stock started to spike at the end of July as well, but it dipped again. But it has started ascending quite sharply and has already grown about 17.8% in the last few days.

Even though the stock rises and falls quite faithfully with Bitcoin, its holdings show a heavier tilt towards the other crypto it mines — i.e., Ethereum. As of last quarter, its Ethereum holdings were about to double its Bitcoin holdings, and one reason for that might be the mining difficulty.

Despite having access to a decent amount of computational power at its disposal, the company can’t counter the ever-increasing difficulty of Bitcoin mining, which grows with each new Bitcoin mined.

Still, the stock is well poised to spike alongside Bitcoin, and if you believe the crypto is going to new heights, HIVE would be a good way to gain exposure.

A digital asset company

If you are looking for a company that’s not as dependent on mining but has a relatively different exposure to Bitcoin, Galaxy Digital Holdings (TSX:GLXY) might be more your cup of tea. The company aims to “institutionalize” the digital asset eco-system, and it’s planning for a future where Bitcoin and other crypto assets are part of the official financial landscape.

The company has several other business facets as well, like asset management and investment banking, all created around crypto. And despite having a different type of exposure to Bitcoin, Galaxy offers displayed a growth “kickstart” eerily similar to HIVE.

The stock grew 18% in the last few days as well. And if the pattern for the previous Bitcoin growth spurt holds, Galaxy is well positioned to double your money (or grow it even more) in the next few months.

Foolish takeaway

Tech stocks are considered more erratic, less stable, and robust growers in general. Crypto stocks, which can be regarded as a niche within the umbrella of tech, are in a class of their own when it comes to unpredictability. But the higher risk they offer also comes with unrivaled growth potential.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.

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