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Athena Bitcoin (OTCMKTS:A LITTLE BIT) stock climbs higher on Friday than a rally of Bitcoin (BTC USD) drives stocks higher.
Let’s get started real quick with what’s happening with BTC. As of Friday afternoon, the crypto is up 11.5% over the previous 24-hour period. This comes with a 21% increase in trading volume for the token.
This is 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 touched this price and traders are likely hoping for the rally to continue over the weekend.
ABIT stock is benefiting from the BTC rally
Considering Athena Bitcoin is so closely associated with the crypto that it has it in its name, it makes sense that its shares would also rally today. As of this writing, more than 58,000 shares of the company’s stock have changed hands. That might not seem like a lot, but the company’s daily average trading volume is only about 13,000 shares.
Of course, with an average trading volume this low and a price of around 55 cents per share, investors should be cautious with ABIT stock. Those two factors keep it firmly in the penny-stock space. This means volatility is likely as traders can more easily influence the stock price.
ABIT stock is up 48.7% as of Friday afternoon.
There is plenty more stock market news for traders to check out below!
InvestorPlace is home to the hottest stock market news for Friday! Some examples of this are Why Shares of no (NYSE:NEVER), lyft (NASDAQ:LYFT), and Capturing the digital world (NASDAQ:DWAC) Stocks are moving today. You can get all this news through the links below!
More stock market news from Friday
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Continue reading: Penny Stocks – How to profit without getting scammed
At the time of publication, William White had no position (either directly or indirectly) in any of the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s publicity guidelines.
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