Cryptocurrency ETF (CRPT) Hits New 52-Week High

First Trust SkyBridge Crypto Industry and Digital Economy ETF CRPT is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 176.1% from its 52-week low price of $8.50/share.

Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.

CRPT in Focus

The First Trust SkyBridge Crypto Industry and Digital Economy ETF seeks to provide investors with capital appreciation. The product charges 85 bps in annual fees.

Why the Move?

Bitcoin surpassed $111,000 for the first time, with traders increasingly bullish on the prospects of the original cryptocurrency amid mounting institutional demand. This is why the Crypto ETF CRPT hit a 52-week high lately.

More Gains Ahead?

The ETF CRPT might continue its strong performance in the near term, with a positive weighted alpha of 66.90, which gives cues of a further rally.

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First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

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