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4 Solid Cryptocurrency Stocks to Buy on the Ongoing Market Rally
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The cryptocurrency rally that started in 2023 has continued into this year, with Bitcoin (BTC) leading from the front. Bitcoin, the world’s most popular cryptocurrency, hit an all-time high on Mar 14 after its price surged to $73,750. This saw Bitcoin’s market capitalization surpassing $1.44 trillion.
However, Bitcoin has since declined 6.5%. The world’s most popular cryptocurrency traded at $71,989 on Apr 8 after falling below $70,000. This has raised concerns among many, but the decline is temporary as Bitcoin has gained 70.6% year to date after jumping over 157% in 2023.
Also, the Bitcoin halving event is scheduled to take place in the third week of April. When this happens, the reward for mining new blocks is cut in half, making it harder for miners to earn Bitcoins overall. Historically, this event has caused a rise in scarcity and boosted the value of Bitcoin because of decreased supply.
Also, experts and research firms believe that this is just the beginning of the Bitcoin rally. Standard Chartered projects Bitcoin to hit $100,000 by the end of 2024, while Hedge fund SkyBridge forecasts Bitcoin to reach $170,000 by April 2025.
Our Choices
We have narrowed our search to four crypto-oriented stocks that have strong potential for 2024. Each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
NVIDIA Corporation (NVDA - Free Report) is a major player in the semiconductor industry and was one of the standout success stories of 2023. As a leading designer of graphic processing units (GPUs), the value of the NVDA stock tends to surge in a thriving crypto market. This is primarily due to the crucial role that GPUs play in data centers, artificial intelligence and the mining or production of cryptocurrencies.
NVIDIA’s expected earnings growth rate for the current year is 84%. The Zacks Consensus Estimate for current-year earnings has improved 19.5% over the last 60 days. Currently, NVIDIA sports a Zacks Rank #1.
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 7.1% for next year. The Zacks Consensus Estimate for current-year earnings has improved 1.5% over the last 60 days. IBKR currently has a Zacks Rank #2.
Coinbase Global, Inc. (COIN - Free Report) offers financial infrastructure and technology to support the global cryptocurrency economy. COIN provides a main financial account for consumers in the crypto space, a marketplace with liquidity for institutional crypto asset transactions, and technology and services for developers to build crypto-based applications and accept cryptocurrencies securely as payment.
Coinbase Global’s expected earnings growth rate for next year is 462.2%. The Zacks Consensus Estimate for current-year earnings has improved 595.2% over the last 60 days. Coinbase currently sports a Zacks Rank #1.
CleanSpark Inc. (CLSK - Free Report) operates as a bitcoin miner in the Americas. CLSK owns and operates data centers that primarily run on low-carbon power. CLSK’s infrastructure supports Bitcoin, a digital commodity, and a tool for financial independence and inclusion.
CleanSpark’s expected earnings growth rate for the current year is 89.2%. The Zacks Consensus Estimate for current-year earnings has improved 89.9% over the last seven days. CLSK presently carries a Zacks Rank #2.
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4 Solid Cryptocurrency Stocks to Buy on the Ongoing Market Rally
The cryptocurrency rally that started in 2023 has continued into this year, with Bitcoin (BTC) leading from the front. Bitcoin, the world’s most popular cryptocurrency, hit an all-time high on Mar 14 after its price surged to $73,750. This saw Bitcoin’s market capitalization surpassing $1.44 trillion.
However, Bitcoin has since declined 6.5%. The world’s most popular cryptocurrency traded at $71,989 on Apr 8 after falling below $70,000. This has raised concerns among many, but the decline is temporary as Bitcoin has gained 70.6% year to date after jumping over 157% in 2023.
Also, the Bitcoin halving event is scheduled to take place in the third week of April. When this happens, the reward for mining new blocks is cut in half, making it harder for miners to earn Bitcoins overall. Historically, this event has caused a rise in scarcity and boosted the value of Bitcoin because of decreased supply.
Also, experts and research firms believe that this is just the beginning of the Bitcoin rally. Standard Chartered projects Bitcoin to hit $100,000 by the end of 2024, while Hedge fund SkyBridge forecasts Bitcoin to reach $170,000 by April 2025.
Our Choices
We have narrowed our search to four crypto-oriented stocks that have strong potential for 2024. Each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
NVIDIA Corporation (NVDA - Free Report) is a major player in the semiconductor industry and was one of the standout success stories of 2023. As a leading designer of graphic processing units (GPUs), the value of the NVDA stock tends to surge in a thriving crypto market. This is primarily due to the crucial role that GPUs play in data centers, artificial intelligence and the mining or production of cryptocurrencies.
NVIDIA’s expected earnings growth rate for the current year is 84%. The Zacks Consensus Estimate for current-year earnings has improved 19.5% over the last 60 days. Currently, NVIDIA sports a Zacks Rank #1.
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 7.1% for next year. The Zacks Consensus Estimate for current-year earnings has improved 1.5% over the last 60 days. IBKR currently has a Zacks Rank #2.
Coinbase Global, Inc. (COIN - Free Report) offers financial infrastructure and technology to support the global cryptocurrency economy. COIN provides a main financial account for consumers in the crypto space, a marketplace with liquidity for institutional crypto asset transactions, and technology and services for developers to build crypto-based applications and accept cryptocurrencies securely as payment.
Coinbase Global’s expected earnings growth rate for next year is 462.2%. The Zacks Consensus Estimate for current-year earnings has improved 595.2% over the last 60 days. Coinbase currently sports a Zacks Rank #1.
CleanSpark Inc. (CLSK - Free Report) operates as a bitcoin miner in the Americas. CLSK owns and operates data centers that primarily run on low-carbon power. CLSK’s infrastructure supports Bitcoin, a digital commodity, and a tool for financial independence and inclusion.
CleanSpark’s expected earnings growth rate for the current year is 89.2%. The Zacks Consensus Estimate for current-year earnings has improved 89.9% over the last seven days. CLSK presently carries a Zacks Rank #2.