As we approach mid-year, the #2 performer in MoneyShow's 2021 Top Picks report is Eagle Financial Publishing's Jim Woods. In January, the editor of Bullesye Stock Trader, he chose Voyager Digital Ltd. (VYGVF); the stock is now up over 300%.
What a difference a year makes. Twelve months ago, stocks had basically opened up the throttle on their accelerated surge after the COVID-19 crisis infected the entire global economy. Yet in a testament to just how resilient markets can be, consider that one year ago the S&P 500 was about 40% lower than it is today.
Of course, not all stocks are created equal, and that’s certainly true of stocks in the red-hot cryptocurrency space. Indeed, the fast-money heat that’s driven the cryptocurrency space has resulted in the surge of one of the best-performing stocks so far this year, cryptocurrency brokerage firm is Voyager Digital.
With a little less than half of the year in the books, this MoneyShow 2021 Top Pick has far outpaced even my admittedly exuberant expectations. As of June 15, VYGVF shares have taken investors on a fantastic year-to-date voyage higher of more than 325%!
Ironically, that stellar performance actually represents a pullback from its April peak, which saw shares up over 600% year to date.
Now, as you are surely aware, cryptocurrencies such as Bitcoin, Ethereum, XRP, Cardano, Dogecoin, Polkadot and the many others have been volatile assets this year.
There was a huge spike higher in their value from the beginning of the year through mid-April, but since then there’s been some understandable profit taking in the space.
That’s certainly been the case for VYGVF, and that makes sense. I mean, if you’re a trader and you are up 600% in four months, wouldn’t you be inclined to take some profits off the table too, especially as the wider selloff in cryptocurrencies took shape?
In my Bullseye Stock Trader advisory service, we’ve traded in and out of Voyager twice, banking big, triple-digit percentage gains along the way. And the best part is we still have a position in the stock despite its recent pullback.
Moreover, I suspect that once the crypto dust settles and the profit takers, and the late-to-market weak holders, cease their aggressive selling, Voyager will be ready to take off again.
And, judging by the price action midway through June, we may already have reached that dust-settling point — or in this case, that stardust-settling point that could launch this fantastic Voyager much, much higher.