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4 Stocks to Watch as Bitcoin Regains $1 Trillion Market Cap
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The cryptocurrency rally has resumed after a two-week pause, with Bitcoin (BTC) regaining its $1 trillion market cap for the first time since December 2021. Bitcoin breached the $52,000 mark on Feb 15 and has since then held on to it. The world’s most popular cryptocurrency has gained more than 25% this year after a solid 2023.
Bitcoin Poised to Surge
There are several reasons behind Bitcoin’s recent rally. However, the biggest factor has been the January approval of spot Bitcoin ETFs. In one of the most important events in the history of Bitcoin, the U.S. Securities and Exchange Commission (SEC), in a major reform, approved 11 spot Bitcoin exchange-traded funds (ETFs) in early January.
The crypto rally gained momentum in the final months of 2023 on expectations that the SEC would give a green signal anytime. The cryptocurrency declined sharply in the last weeks of January, falling as much as $39,000. However, the positive sentiment is back.
The spot Bitcoin ETF approval was given with the aim to push cryptocurrencies into mainstream finance, which would give a long-term boost to the cryptocurrency space.
In a significant development, data from CryptoQuant indicates that spot Bitcoin ETFs have garnered $10 billion in assets under management (AUM) since their launch on Jan 10, reflecting the growing investor interest.
Besides, Bitcoin’s upcoming halving event is expected in April, which is likely to halve the mining reward for new blocks. Historically, this event has heightened scarcity, creating challenges for miners to acquire net Bitcoins. As a result, there tends to be an increase in Bitcoin's value due to the constrained supply.
Stocks to Watch
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 269.5%. The Zacks Consensus Estimate for current-year earnings has improved 0.4% over the last 60 days. Currently, NVIDIA has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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 30.8% over the last 60 days. MARA currently carries a Zacks Rank #3 (Hold).
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 5%. The Zacks Consensus Estimate for current-year earnings has improved 5% over the last 60 days. BlackRock currently carries 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 30.1%. The Zacks Consensus Estimate for current-year earnings has improved 36.4% over the last 60 days. Coinbase currently carries a Zacks Rank #3.
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4 Stocks to Watch as Bitcoin Regains $1 Trillion Market Cap
The cryptocurrency rally has resumed after a two-week pause, with Bitcoin (BTC) regaining its $1 trillion market cap for the first time since December 2021. Bitcoin breached the $52,000 mark on Feb 15 and has since then held on to it. The world’s most popular cryptocurrency has gained more than 25% this year after a solid 2023.
Bitcoin Poised to Surge
There are several reasons behind Bitcoin’s recent rally. However, the biggest factor has been the January approval of spot Bitcoin ETFs. In one of the most important events in the history of Bitcoin, the U.S. Securities and Exchange Commission (SEC), in a major reform, approved 11 spot Bitcoin exchange-traded funds (ETFs) in early January.
The crypto rally gained momentum in the final months of 2023 on expectations that the SEC would give a green signal anytime. The cryptocurrency declined sharply in the last weeks of January, falling as much as $39,000. However, the positive sentiment is back.
The spot Bitcoin ETF approval was given with the aim to push cryptocurrencies into mainstream finance, which would give a long-term boost to the cryptocurrency space.
In a significant development, data from CryptoQuant indicates that spot Bitcoin ETFs have garnered $10 billion in assets under management (AUM) since their launch on Jan 10, reflecting the growing investor interest.
Besides, Bitcoin’s upcoming halving event is expected in April, which is likely to halve the mining reward for new blocks. Historically, this event has heightened scarcity, creating challenges for miners to acquire net Bitcoins. As a result, there tends to be an increase in Bitcoin's value due to the constrained supply.
Stocks to Watch
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 269.5%. The Zacks Consensus Estimate for current-year earnings has improved 0.4% over the last 60 days. Currently, NVIDIA has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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 30.8% over the last 60 days. MARA currently carries a Zacks Rank #3 (Hold).
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 5%. The Zacks Consensus Estimate for current-year earnings has improved 5% over the last 60 days. BlackRock currently carries 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 30.1%. The Zacks Consensus Estimate for current-year earnings has improved 36.4% over the last 60 days. Coinbase currently carries a Zacks Rank #3.