We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
2 Top-Ranked Crypto Stocks to Buy as Bitcoin Rockets Higher
Read MoreHide Full Article
The price of Bitcoin (BTC) surpassed $63,000 on Feb 28 for the first time since November 2021. For a short time, the price of the world’s numero uno cryptocurrency touched $64,000 before turning lower. Nonetheless, the flagship cryptocurrency is now tantalizingly close to its record high of $68,982.20.
The price of Bitcoin has soared almost 20% this week alone and is up 40% year to date. Notably, the price of Bitcoin had a prodigious 2023, gaining more than 150%. So, what’s behind Bitcoin’s noteworthy surge?
The cryptocurrency price moved northward due to the exhilaration among crypto market aficionados that the regulator approved 10 Bitcoin ETFs for the first time last month. This has led to a net inflow of $1.2 billion into Bitcoin ETFs, with BlackRock’s iShares Bitcoin Trust particularly witnessing the highest inflow, per Dow Jones Market Data.
Cryptocurrency has now become more accessible to institutional investors due to the launch of ETFs. At the same time, the optimism surrounding the asset classes’ upcoming “halving event” is driving the price of Bitcoin higher. This is because the price of Bitcoin traditionally has appreciated in the months after halving. After all, the supply of Bitcoin is lowered during the halving event, leading to an uptick in price. Notably, the supply of Bitcoin has a cap of 21 million.
The price of Bitcoin is also gaining traction partly because of the Federal Reserve’s dovish stance. The central bank has kept interest rates unaltered in the latest policy meeting and expects to trim rates later this year. It’s worth pointing out that higher interest rates are headwinds for Bitcoin, as it weighs on high-risk assets such as digital coins.
Bitcoin-related equities such as Marathon Digital Holdings, Inc. (MARA - Free Report) and Block, Inc. (SQ - Free Report) saw their shares gain in recent times, banking on the cryptocurrency’s surge.
However, it makes sense for astute investors to place bets on stocks such as Nvidia Corporation (NVDA - Free Report) and Coinbase Global, Inc. (COIN - Free Report) that are well-positioned to capitalize on the price of Bitcoin’s latest upsurge. Both the stocks have a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Semiconductor giant, Nvidia has ventured into the crypto space by designing graphic processing units for mining cryptos such as Bitcoin.
Nvidia has already registered bumper profits and revenues in the fiscal fourth quarter and is currently the third most valuable company in the United States.
Nvidia’s earnings per share for the fiscal fourth quarter came in at $4.93, up a whopping 765% from a year ago. Revenues came in at $22.1 billion in the quarter, up a stellar 265% from a year ago. Spending frenzy on artificial intelligence helped Nvidia ignite a record rally.
Nvidia’s expected earnings growth rate for the current and next year is 79.2% and 11%, respectively. Its estimated revenue growth rate for the current and next year is 68.1% and 14.9%, respectively. The Zacks Consensus Estimate for Nvidia’s current-year earnings has increased 17.5% over the past 60 days (read more: Nvidia (NVDA - Free Report) a Must-Buy After AI-Fueled Blowout Earnings).
Crypto-trading platform Coinbase trades around 50 different kinds of digital assets, including Bitcoin. Coinbase also notched encouraging quarterly results. Its net income for the fourth quarter came in at $273 million against the year-ago quarter’s net loss of $557 million. Revenues increased to $954 million in the quarter from $629 million in the year-ago quarter.
The Zacks Consensus Estimate for Coinbase’s current-year earnings has soared 253% over the past 60 days. The company’s expected earnings growth rate for the current year is 173%. Its estimated revenue growth rate for the current year is 29.3% (read more: 2 Stocks in Cathie Wood's Portfolio to Watch Now).
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
2 Top-Ranked Crypto Stocks to Buy as Bitcoin Rockets Higher
The price of Bitcoin (BTC) surpassed $63,000 on Feb 28 for the first time since November 2021. For a short time, the price of the world’s numero uno cryptocurrency touched $64,000 before turning lower. Nonetheless, the flagship cryptocurrency is now tantalizingly close to its record high of $68,982.20.
The price of Bitcoin has soared almost 20% this week alone and is up 40% year to date. Notably, the price of Bitcoin had a prodigious 2023, gaining more than 150%. So, what’s behind Bitcoin’s noteworthy surge?
The cryptocurrency price moved northward due to the exhilaration among crypto market aficionados that the regulator approved 10 Bitcoin ETFs for the first time last month. This has led to a net inflow of $1.2 billion into Bitcoin ETFs, with BlackRock’s iShares Bitcoin Trust particularly witnessing the highest inflow, per Dow Jones Market Data.
Cryptocurrency has now become more accessible to institutional investors due to the launch of ETFs. At the same time, the optimism surrounding the asset classes’ upcoming “halving event” is driving the price of Bitcoin higher. This is because the price of Bitcoin traditionally has appreciated in the months after halving. After all, the supply of Bitcoin is lowered during the halving event, leading to an uptick in price. Notably, the supply of Bitcoin has a cap of 21 million.
The price of Bitcoin is also gaining traction partly because of the Federal Reserve’s dovish stance. The central bank has kept interest rates unaltered in the latest policy meeting and expects to trim rates later this year. It’s worth pointing out that higher interest rates are headwinds for Bitcoin, as it weighs on high-risk assets such as digital coins.
Bitcoin-related equities such as Marathon Digital Holdings, Inc. (MARA - Free Report) and Block, Inc. (SQ - Free Report) saw their shares gain in recent times, banking on the cryptocurrency’s surge.
However, it makes sense for astute investors to place bets on stocks such as Nvidia Corporation (NVDA - Free Report) and Coinbase Global, Inc. (COIN - Free Report) that are well-positioned to capitalize on the price of Bitcoin’s latest upsurge. Both the stocks have a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Semiconductor giant, Nvidia has ventured into the crypto space by designing graphic processing units for mining cryptos such as Bitcoin.
Nvidia has already registered bumper profits and revenues in the fiscal fourth quarter and is currently the third most valuable company in the United States.
Nvidia’s earnings per share for the fiscal fourth quarter came in at $4.93, up a whopping 765% from a year ago. Revenues came in at $22.1 billion in the quarter, up a stellar 265% from a year ago. Spending frenzy on artificial intelligence helped Nvidia ignite a record rally.
Nvidia’s expected earnings growth rate for the current and next year is 79.2% and 11%, respectively. Its estimated revenue growth rate for the current and next year is 68.1% and 14.9%, respectively. The Zacks Consensus Estimate for Nvidia’s current-year earnings has increased 17.5% over the past 60 days (read more: Nvidia (NVDA - Free Report) a Must-Buy After AI-Fueled Blowout Earnings).
Crypto-trading platform Coinbase trades around 50 different kinds of digital assets, including Bitcoin. Coinbase also notched encouraging quarterly results. Its net income for the fourth quarter came in at $273 million against the year-ago quarter’s net loss of $557 million. Revenues increased to $954 million in the quarter from $629 million in the year-ago quarter.
The Zacks Consensus Estimate for Coinbase’s current-year earnings has soared 253% over the past 60 days. The company’s expected earnings growth rate for the current year is 173%. Its estimated revenue growth rate for the current year is 29.3% (read more: 2 Stocks in Cathie Wood's Portfolio to Watch Now).