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4 Stocks in Focus Amid Volatility in Cryptocurrency Market
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The cryptocurrency market started 2024 on a positive note after closing out last year on a high. On Jan 10, the most anticipated moment arrived, with the U.S. Securities and Exchange Commission (“SEC”) finally giving the green light to 11 spot Bitcoin ETFs.
The move, believed to be one of the most significant events to have happened in the cryptocurrency market history, added fuel to the Bitcoin (BTC) rally. This approval will now allow retail investors to trade the world's most prominent cryptocurrency without actually owning it.
Bitcoin prices soared past $47,500 following the announcement. However, Bitcoin price has since fallen sharply. On Jan 18, Bitcoin traded lower by nearly 3.5% at $41,364.33. Earlier, it dropped to $40,601.37, hitting its lowest level since Dec 18.
Although last week’s positive news raised hopes that Bitcoin and other cryptocurrencies would continue their dream run, the rally has somewhat stalled. Bitcoin has entered correction territory post the ETF launch.
Experts believe that Bitcoin continues to hold a lot of potential and the ETF launch will only boost the market in the long term. Despite the inherent volatility and associated risks of cryptocurrencies, the move to bring them into the mainstream has been eagerly anticipated.
This shift is expected to facilitate a closer monitoring of the digital coin market, a development that the sector has historically resisted.
However, since the approval, Bitcoin has lost 12% of its value as several investors have been flocking to institutional investment products to avoid risk. Also, the flow of Bitcoin to derivative exchanges has ceased its growth, a trend that has previously indicated bear markets or impending price corrections.
However, the correction phase is temporary and last week’s approval of 11 spot Bitcoin ETFs is only going to boost the crypto market.
has improved 3.1% over the last 60 days. Coinbase currently sports a Zacks Rank #1.
Stocks to Watch
BlackRock, Inc. (BLK - Free Report) is one of the world’s largest investment managers and is publicly owned. BLK was one of the first companies from the traditional market to join the Bitcoin ETF race back in June 2023.
BlackRock’s expected earnings growth rate for the current year is 3.1%. The Zacks Consensus Estimate for current-year earnings has improved 3.1% over the last 60 days. BlackRock presently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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 the current year is 92.5%. The Zacks Consensus Estimate for current-year earnings has improved 9.2% over the last 60 days. Coinbase currently has a Zacks Rank #2.
Marathon Digital Holdings, Inc. (MARA - Free Report) is a digital asset technology company. MARA mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets.
Marathon Digital Holdings’ expected earnings growth rate for the current year is 95.1%. The Zacks Consensus Estimate for current-year earnings has improved 47.1% over the last 90 days. Marathon Digital Holdings currently carries a Zacks Rank #2.
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 the current year is 268.6%. The Zacks Consensus Estimate for current-year earnings has improved 12.9% over the last 60 days. Currently, NVIDIA has a Zacks Rank #1.
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4 Stocks in Focus Amid Volatility in Cryptocurrency Market
The cryptocurrency market started 2024 on a positive note after closing out last year on a high. On Jan 10, the most anticipated moment arrived, with the U.S. Securities and Exchange Commission (“SEC”) finally giving the green light to 11 spot Bitcoin ETFs.
The move, believed to be one of the most significant events to have happened in the cryptocurrency market history, added fuel to the Bitcoin (BTC) rally. This approval will now allow retail investors to trade the world's most prominent cryptocurrency without actually owning it.
Bitcoin prices soared past $47,500 following the announcement. However, Bitcoin price has since fallen sharply. On Jan 18, Bitcoin traded lower by nearly 3.5% at $41,364.33. Earlier, it dropped to $40,601.37, hitting its lowest level since Dec 18.
Although last week’s positive news raised hopes that Bitcoin and other cryptocurrencies would continue their dream run, the rally has somewhat stalled. Bitcoin has entered correction territory post the ETF launch.
Experts believe that Bitcoin continues to hold a lot of potential and the ETF launch will only boost the market in the long term. Despite the inherent volatility and associated risks of cryptocurrencies, the move to bring them into the mainstream has been eagerly anticipated.
This shift is expected to facilitate a closer monitoring of the digital coin market, a development that the sector has historically resisted.
However, since the approval, Bitcoin has lost 12% of its value as several investors have been flocking to institutional investment products to avoid risk. Also, the flow of Bitcoin to derivative exchanges has ceased its growth, a trend that has previously indicated bear markets or impending price corrections.
However, the correction phase is temporary and last week’s approval of 11 spot Bitcoin ETFs is only going to boost the crypto market.
has improved 3.1% over the last 60 days. Coinbase currently sports a Zacks Rank #1.
Stocks to Watch
BlackRock, Inc. (BLK - Free Report) is one of the world’s largest investment managers and is publicly owned. BLK was one of the first companies from the traditional market to join the Bitcoin ETF race back in June 2023.
BlackRock’s expected earnings growth rate for the current year is 3.1%. The Zacks Consensus Estimate for current-year earnings has improved 3.1% over the last 60 days. BlackRock presently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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 the current year is 92.5%. The Zacks Consensus Estimate for current-year earnings has improved 9.2% over the last 60 days. Coinbase currently has a Zacks Rank #2.
Marathon Digital Holdings, Inc. (MARA - Free Report) is a digital asset technology company. MARA mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets.
Marathon Digital Holdings’ expected earnings growth rate for the current year is 95.1%. The Zacks Consensus Estimate for current-year earnings has improved 47.1% over the last 90 days. Marathon Digital Holdings currently carries a Zacks Rank #2.
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 the current year is 268.6%. The Zacks Consensus Estimate for current-year earnings has improved 12.9% over the last 60 days. Currently, NVIDIA has a Zacks Rank #1.