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5 Stocks in Focus Amid a Consolidating Crypto Market
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The cryptocurrency market has regained its glory this year. Last year was disappointing as the Fed pursued aggressive monetary control with a massive hike in the benchmark lending rate to combat 40-year high inflation.
However, the cryptocurrency market remained rangebound in the past 10 weeks as market participants remain concerned about the Fed’s policy prescriptions. Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE) and BNB (BNB) also remained rangebound.
Bitcoin had been on a rally till July, with its price hitting $31,500. However, the Fed has since hiked interest rates once in July, following which cryptocurrencies took a hit once again. In fact, Bitcoin has been falling since hitting its 52-week high in early July.
However, Bitcoin has also solidified its position over the past few weeks and is now hovering around $27,000 after falling as much as $25,400 in late August and September. Ongoing consolidation of the crypto space is a welcome development.
The fourth quarter of any year generally remains favorable to market participants. Moreover, estimates for the ensuing third-quarter 2023 earnings season have stabilized to a good extent. Additionally, recent dovish comments of several Fed officials have boosted investors’ sentiment. These officials believe that recent economic developments may compel the Fed not to go for another interest rate hike in its November FOMC meeting.
Stocks In Focus
NVIDIA Corp. (NVDA - Free Report) is a semiconductor industry giant and one of the biggest success stories of 2023. Being a leading designer of graphic processing units (GPUs), the NVDA stock usually soars on a booming crypto market. This is because GPUs are pivotal to data centers, artificial intelligence, and the creation of crypto assets.
NVIDIA’s expected earnings growth rate for the current year is more than 100% (ending January 2024). The Zacks Consensus Estimate for its current-year earnings has improved 2% over the last 30 days. NVDA currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Coinbase Global Inc. (COIN - Free Report) provides financial infrastructure and technology for the crypto economy in the United States and internationally. COIN offers the primary financial account in the crypto space for consumers, a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
Coinbase Global has an expected earnings growth rate of 85.5% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 2.3% over the last seven days. COIN currently carries a Zacks Rank #2 (Buy).
CME Group Inc.’s (CME - Free Report) options give the buyer of the call/put the right to buy/sell cryptocurrency futures contracts at a specific price at some future date. CME offers bitcoin and ether options based on the exchange's cash-settled standard and micro BTC and ETH futures contracts.
CME Group has an expected earnings growth rate of 13.6% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.1% over the last seven days. CME currently carries a Zacks Rank #2.
Block Inc. (SQ - Free Report) is an online digital and mobile payment platform for consumers and merchants and is the parent company of Square and Cash App. The users of Cash App can buy, sell, send and receive Bitcoin. In addition, SQ’s decentralized tbd platform allows developers to build decentralized finance applications to run on programmable blockchains. SQ is also one of the largest Bitcoin investors.
Block has an expected earnings growth rate of 69% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 2.4% over the last 60 days. SQ currently carries a Zacks Rank #3 (Hold).
Interactive Brokers Group Inc. (IBKR - Free Report) is a global automated electronic broker. IBKR executes, processes and trades in cryptocurrencies. IBKR’s commodities futures trading desk also offers customers a chance to trade cryptocurrency futures.
Interactive Brokers Group has an expected earnings growth rate of 40.3% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 1.1% over the last 60 days. IBKR currently carries a Zacks Rank #3.
The chart below shows the price performance of above-mentioned five stocks in the past month.
Image Source: Zacks Investment Research
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5 Stocks in Focus Amid a Consolidating Crypto Market
The cryptocurrency market has regained its glory this year. Last year was disappointing as the Fed pursued aggressive monetary control with a massive hike in the benchmark lending rate to combat 40-year high inflation.
However, the cryptocurrency market remained rangebound in the past 10 weeks as market participants remain concerned about the Fed’s policy prescriptions. Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE) and BNB (BNB) also remained rangebound.
Bitcoin had been on a rally till July, with its price hitting $31,500. However, the Fed has since hiked interest rates once in July, following which cryptocurrencies took a hit once again. In fact, Bitcoin has been falling since hitting its 52-week high in early July.
However, Bitcoin has also solidified its position over the past few weeks and is now hovering around $27,000 after falling as much as $25,400 in late August and September. Ongoing consolidation of the crypto space is a welcome development.
The fourth quarter of any year generally remains favorable to market participants. Moreover, estimates for the ensuing third-quarter 2023 earnings season have stabilized to a good extent. Additionally, recent dovish comments of several Fed officials have boosted investors’ sentiment. These officials believe that recent economic developments may compel the Fed not to go for another interest rate hike in its November FOMC meeting.
Stocks In Focus
NVIDIA Corp. (NVDA - Free Report) is a semiconductor industry giant and one of the biggest success stories of 2023. Being a leading designer of graphic processing units (GPUs), the NVDA stock usually soars on a booming crypto market. This is because GPUs are pivotal to data centers, artificial intelligence, and the creation of crypto assets.
NVIDIA’s expected earnings growth rate for the current year is more than 100% (ending January 2024). The Zacks Consensus Estimate for its current-year earnings has improved 2% over the last 30 days. NVDA currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Coinbase Global Inc. (COIN - Free Report) provides financial infrastructure and technology for the crypto economy in the United States and internationally. COIN offers the primary financial account in the crypto space for consumers, a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
Coinbase Global has an expected earnings growth rate of 85.5% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 2.3% over the last seven days. COIN currently carries a Zacks Rank #2 (Buy).
CME Group Inc.’s (CME - Free Report) options give the buyer of the call/put the right to buy/sell cryptocurrency futures contracts at a specific price at some future date. CME offers bitcoin and ether options based on the exchange's cash-settled standard and micro BTC and ETH futures contracts.
CME Group has an expected earnings growth rate of 13.6% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.1% over the last seven days. CME currently carries a Zacks Rank #2.
Block Inc. (SQ - Free Report) is an online digital and mobile payment platform for consumers and merchants and is the parent company of Square and Cash App. The users of Cash App can buy, sell, send and receive Bitcoin. In addition, SQ’s decentralized tbd platform allows developers to build decentralized finance applications to run on programmable blockchains. SQ is also one of the largest Bitcoin investors.
Block has an expected earnings growth rate of 69% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 2.4% over the last 60 days. SQ currently carries a Zacks Rank #3 (Hold).
Interactive Brokers Group Inc. (IBKR - Free Report) is a global automated electronic broker. IBKR executes, processes and trades in cryptocurrencies. IBKR’s commodities futures trading desk also offers customers a chance to trade cryptocurrency futures.
Interactive Brokers Group has an expected earnings growth rate of 40.3% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 1.1% over the last 60 days. IBKR currently carries a Zacks Rank #3.
The chart below shows the price performance of above-mentioned five stocks in the past month.
Image Source: Zacks Investment Research