Bitcoin Bounces Back, And Our Top Crypto Name Bounces With It. A Hedged Bet On Both Making New Highs.

Ed Carpenter Racing's Bitcoin-themed number 21 Chevrolet from last spring's Indy 500.

Bitcoin BTC/USD Bounces Above $60,000

With Bitcoin finally regaining the $60,000 level last week, it's worth remembering where it was last spring. 

When Bitcoin was trading at about $37,000, market technician Carter Worth worried it might be headed for $20,000. 

Our Top Bitcoin Stock

On the same day Worth made that prediction, Bitcoin miner Marathon Digital Holdings, Inc. MARA made our top ten names, along with two other crypto-related names, the Bitcoin miner Riot Blockchain, Inc. RIOT, and the crypto bank Silverlake Capital Corporation SI (which we wrote about recently: "Silverlake Soars"). 

Screen capture via Portfolio Armor on 5/28/2021. 

We mentioned Marathon Digital here at the time ("A Hedged Bet On A Bitcoin Bottom"). 

Since then, Marathon Digital has nearly doubled, while Silvergate also performed well, and Riot Blockchain has lagged. 

As of last Friday's close, Marathon Digital was our highest-ranked crypto name, and it was #17 on our overall ranking of securities our system estimates have the highest return potential over the next six months. 

A Hedged Bet On Bitcoin Making New Highs

If you're bullish on Bitcoin making new highs over the next few months, but you want to limit your downside risk in the event that you're wrong, a hedged bet on Marathon Digital may be a way to do that. In the video below, we demonstrate how to do that using our iPhone app.