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It has been a cryptocurrency week so far. All popular crypto coins have delivered double-digit returns week-to-date (WTD). The giant bitcoin surpassed the US$ 64,000-mark yesterday and set a record high of US$ 64,829 per unit.
Meanwhile, the Canadian blockchain-powered crypto mining firm CryptoStar (TSXV:CSTR) stock has been trading actively, with a massive 58 per cent surge WTD. Year-to-date (YTD), the stock has yielded double of bitcoin’s growth. Its 50-day average trading volume is 14.66 million shares.
Let us check out this Toronto Stock Exchange Venture (TSXV)-listed penny crypto stock:
CryptoStar Corp. (TSXV:CSTR)
The company mines cryptocurrencies across three major geographical regions, including Canada, the US, and Iceland. The company operates through its data centers and offers mining services to blockchain-powered digital currencies.
The company has its data centers in Iceland because of cheaper electricity and colder weather to mine new blocks.
This junior crypto mining firm’s stock is more lucrative than any existing cryptocurrency on blockchain technology. It has gained over 1,028 per cent in the last six months.
It is on a bull run in the wake of blockbuster listing of the US-based crypto exchange Coinbase Global Inc. Its mined blocks will generate more revenue, driven by the higher cryptocurrencies’ prices.
CryptoStar stock’s previous close price was C$ 0.395, which is up 245.28 per cent from its 200-day simple moving average (SMA). However, the stock is down by almost 53 per cent against its 52-week high of C$ 0.84 per share (Noted on February 22, 2021).
CryptoStar's One-Year Stock Performance Chart. (Source: EODHD/Others)
It has regained as much as 1,480 per cent compared with its 52-week low of C$ 0.0250 per common share (Recorded on October 15, 2020). The stock could achieve its February peak if the crypto buying frenzy continues through April and Coinbase’s direct listing gets traction on the NASDAQ exchange.
Earlier, the firm completed its private placement with institutional investors on March 15 and raised approximately C$ 25 million.
On March 30, CryptoStar announced its definitive agreement with a Hong Kong-based vendor to buy graphics processing units and app-specific integrated circuits to bolster its mining speed or hashrate.
