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3 Solid Stocks to Buy as Bitcoin Looks Poised for 2024 Rally
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Cryptocurrencies have rallied this year, and the bull run is expected to continue into 2024 as investor sentiment remains high. Although Bitcoin (BTC), the world’s most prominent cryptocurrency, has declined more than 5% since Dec 11, it is still trading above the $41,000 mark.
Last week, Bitcoin rallied briefly above $44,000 before hovering around the $42,000 mark on renewed optimism. On Dec 12, it surged above $42,000 briefly, following the release of the consumer price index (CPI) data before settling slightly above $41,000.
Last year saw the crypto market taking a hit, primarily because of a couple of unfortunate events, namely the FTX bankruptcy following a major fraud and the Tera Luna crash.
However, Bitcoin and other cryptocurrencies like Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE) and BNB (BNB) have staged a solid rebound this year. Year to date, Bitcoin has rallied more than 147%, while Ethereum, Cardano and Dogecoin have rallied 80.8%, 125.6% and 29.7%, respectively.
The rally continued for the first seven months of the year before stalling in August as investors failed to get a clear picture of the Federal Reserve’s next course of action on interest rate hikes.
An increase in interest rates usually has a detrimental effect on growth-oriented sectors, which include technology, consumer discretionary industries and cryptocurrencies.
However, the rally resumed in late October on renewed optimism that a Securities and Exchange Commission (SEC) approval for a Bitcoin ETF is on the anvil. This could play a key role in giving the crypto market a fresh boost.
Investors are presently anticipating the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the SEC, with expectations for this approval in as early as the first half of 2024.
Also, inflation has been steadily declining over the past several months. The consumer price index (CPI) rose 3.1% year over year in November, slower than October’s jump of 3.2%. This has raised hopes that the Fed may likely end its monetary tightening campaign soon and start cutting rates in the first half of 2024, which definitely bodes well for the crypto market.
Our Choices
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 54.2% for next year. The Zacks Consensus Estimate for current-year earnings has improved 16.6% over the last 60 days. SQ currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
NVIDIA Corporation (NVDA - Free Report) is a major player in the semiconductor industry and has been 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 next year is 61.5%. The Zacks Consensus Estimate for current-year earnings has improved 14.4% over the last 60 days. NVIDIA 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 28.6%. The Zacks Consensus Estimate for current-year earnings has improved 44% over the last 60 days. Coinbase currently carries a Zacks Rank #2.
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3 Solid Stocks to Buy as Bitcoin Looks Poised for 2024 Rally
Cryptocurrencies have rallied this year, and the bull run is expected to continue into 2024 as investor sentiment remains high. Although Bitcoin (BTC), the world’s most prominent cryptocurrency, has declined more than 5% since Dec 11, it is still trading above the $41,000 mark.
Last week, Bitcoin rallied briefly above $44,000 before hovering around the $42,000 mark on renewed optimism. On Dec 12, it surged above $42,000 briefly, following the release of the consumer price index (CPI) data before settling slightly above $41,000.
Last year saw the crypto market taking a hit, primarily because of a couple of unfortunate events, namely the FTX bankruptcy following a major fraud and the Tera Luna crash.
However, Bitcoin and other cryptocurrencies like Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE) and BNB (BNB) have staged a solid rebound this year. Year to date, Bitcoin has rallied more than 147%, while Ethereum, Cardano and Dogecoin have rallied 80.8%, 125.6% and 29.7%, respectively.
The rally continued for the first seven months of the year before stalling in August as investors failed to get a clear picture of the Federal Reserve’s next course of action on interest rate hikes.
An increase in interest rates usually has a detrimental effect on growth-oriented sectors, which include technology, consumer discretionary industries and cryptocurrencies.
However, the rally resumed in late October on renewed optimism that a Securities and Exchange Commission (SEC) approval for a Bitcoin ETF is on the anvil. This could play a key role in giving the crypto market a fresh boost.
Investors are presently anticipating the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the SEC, with expectations for this approval in as early as the first half of 2024.
Also, inflation has been steadily declining over the past several months. The consumer price index (CPI) rose 3.1% year over year in November, slower than October’s jump of 3.2%. This has raised hopes that the Fed may likely end its monetary tightening campaign soon and start cutting rates in the first half of 2024, which definitely bodes well for the crypto market.
Our Choices
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 54.2% for next year. The Zacks Consensus Estimate for current-year earnings has improved 16.6% over the last 60 days. SQ currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
NVIDIA Corporation (NVDA - Free Report) is a major player in the semiconductor industry and has been 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 next year is 61.5%. The Zacks Consensus Estimate for current-year earnings has improved 14.4% over the last 60 days. NVIDIA 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 28.6%. The Zacks Consensus Estimate for current-year earnings has improved 44% over the last 60 days. Coinbase currently carries a Zacks Rank #2.