Let’s start real quick with what’s happening with BTC. As of Friday afternoon, the crypto is up 11.5% over the prior 24-hour period. That comes alongside a 21% increase in trading volume for the token.
That’s big news for fans of BTC as the crypto is now trading above $21,000 per token. It’s been a couple of weeks since Bitcoin last reached that price and traders are likely hoping the rally will continue over the weekend.
ABIT Stock Benefits From the BTC Rally
Considering Athena Bitcoin is so closely tied to the crypto as to have it in its name, it makes sense its shares would rally today as well. As of this writing, more than 58,000 shares of the company’s stock have changed hands. While that may not seem like much, the company’s daily average trading volume is only about 13,000 shares.
Of course, with such a low average trading volume, as well as a price sitting at around 55 cents per share, investors will want to be careful with ABIT stock. Those two factors put it firmly in the penny stock range. That means volatility is likely as traders can more easily influence its stock price.
ABIT stock is up 48.7% as of Friday afternoon.
There’s plenty more stock market news traders can read up on below!
InvestorPlace is home to all of the hottest stock market news for Friday! A few examples of that include why shares of Nio (NYSE:NIO), Lyft (NASDAQ:LYFT), and Digital World Acquisition (NASDAQ:DWAC) stock are moving today. You can get all of that news from the following links!
More Friday Stock Market News
- What Is Going on With Nio Stock Today?
- LYFT Stock Alert: Is General Motors Really Going to Buy Lyft?
- Dear DWAC Stock Fans, Mark Your Calendars for Oct. 10
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.