As another week came to a close, it is now perhaps time for investors to look into stocks that managed to record handsome gains during that week.
One of the stocks to look into from the week gone by is that of Life Clips (OTCMKTS:LCLP), which soared by as much as 1622% after the company announced that it was getting into the crypto space. The company, which is involved in the camera space, announced last week that it reached an agreement with regards to the acquisition of the blockchain technology company Belfrics Group. The announcement led to the massive rally in the stock last week.
Belfrics Group is a company with a global and is best known for operating cryptocurrency exchanges on its own platform. At this point in time, the company has operations in Tanzania, Singapore, India, Nigeria, Bahrain and Kenya.
As soon as the announcement was made, the trading volume in the Life Clips stock soared significantly and in addition to that, many day traders got involved as well. Moreover, it was also pointed out by certain traders that although the company is valued at $400 million at this point, Belfrics aspires to be worth $10 billion by 2023 and that was another reason for optimism regarding this acquisition.
Market Reaction:
On Friday, LCLP stock soared 70% at $0.0379 with more than 811.98 million shares, compared to its average volume of 60.02 million shares. The stock had moved within a range of $0.0222 – 0.0465 after opening the trade at $0.0229. Over the past 52-week, the stock has been trading within a range of $0.0002 – 0.0569.
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