Whilst there were a good number of shares pushing significantly higher today, few climbed as high as the Digitalx Ltd (ASX: DCC) share price.
The blockchain-based software solutions and ICO advisory company’s shares finished the day 33% higher at 22 cents on Wednesday.
Why did the DigitalX share price rocket higher?
DigitalX has a tendency to rise and fall with the bitcoin (BTC) price due to its activities in the cryptocurrency industry and also its sizeable holdings of digital currencies.
So whilst it has pushed significantly higher today, it is worth noting that it is still down 50% since this time last month when its shares peaked at an all-time high of 44 cents.
Where next for DigitalX shares?
This will be largely down to the future performance of cryptocurrencies and the ICO market.
But considering Facebook has recently announced a ban on ICO advertising through its platforms, the future of coin offerings appears a little uncertain. Especially if other advertisers soon follow suit.
Because of this, it seems likely that DigitalX will be one of the more volatile shares on the Australian share market over the coming weeks and months.
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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.