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.
4 Stocks to Bet on as Crypto Space Looks Poised to Regain Pace
Read MoreHide Full Article
The cryptocurrency rally, which started last year and continued in the first quarter of 2024, has come to a sudden halt. Bitcoin (BTC), which hit an all-time high of $73,750 on Mar 14, was trading at $61,399 on Apr 17.
In the past month, Bitcoin, the world’s most popular cryptocurrency, has lost more than 10%. However, the recent decline in cryptocurrency prices is temporary, and a lot of factors, including geopolitical tensions are acting as headwinds.
The cryptocurrency rally intensified in early January after the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs), a game-changing move to integrate cryptocurrencies into mainstream finance and providesteady support to the sector in the foreseeable future.
The decision was long-awaited and the crypto rally gathered steam. However, recent geopolitical tensions like Iran’s attack on Israel saw Bitcoin price dropping to its lowest level in a month.
Given that cryptocurrencies are traded around the clock and globally, their effects are immediate and often more significant compared to stocks. The decentralized nature of cryptocurrencies allows for swift reactions to geopolitical events, as traders respond by either purchasing or selling digital assets to mitigate uncertainty.
Also, the Bitcoin halving event, which takes place once in four years, is expected to begin anytime this month. During this event, the mining reward for new blocks is halved. Historically, this event has heightened scarcity, making it more difficult for miners to generate a net increase in Bitcoins. Consequently, Bitcoin's value typically experiences an uptick during these periods of reduced supply.
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), 2 (Buy) or 3 (Hold). 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 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 84%. The Zacks Consensus Estimate for current-year earnings has improved 17.2% over the last 60 days. Currently, NVIDIA has 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.
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 10.6% for next year. The Zacks Consensus Estimate for current-year earnings has improved 4.8% 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 559.5%. The Zacks Consensus Estimate for current-year earnings has improved 141.6% over the last 60 days. Coinbase currently sports a Zacks Rank #1.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
4 Stocks to Bet on as Crypto Space Looks Poised to Regain Pace
The cryptocurrency rally, which started last year and continued in the first quarter of 2024, has come to a sudden halt. Bitcoin (BTC), which hit an all-time high of $73,750 on Mar 14, was trading at $61,399 on Apr 17.
In the past month, Bitcoin, the world’s most popular cryptocurrency, has lost more than 10%. However, the recent decline in cryptocurrency prices is temporary, and a lot of factors, including geopolitical tensions are acting as headwinds.
The cryptocurrency rally intensified in early January after the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs), a game-changing move to integrate cryptocurrencies into mainstream finance and providesteady support to the sector in the foreseeable future.
The decision was long-awaited and the crypto rally gathered steam. However, recent geopolitical tensions like Iran’s attack on Israel saw Bitcoin price dropping to its lowest level in a month.
Given that cryptocurrencies are traded around the clock and globally, their effects are immediate and often more significant compared to stocks. The decentralized nature of cryptocurrencies allows for swift reactions to geopolitical events, as traders respond by either purchasing or selling digital assets to mitigate uncertainty.
Also, the Bitcoin halving event, which takes place once in four years, is expected to begin anytime this month. During this event, the mining reward for new blocks is halved. Historically, this event has heightened scarcity, making it more difficult for miners to generate a net increase in Bitcoins. Consequently, Bitcoin's value typically experiences an uptick during these periods of reduced supply.
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), 2 (Buy) or 3 (Hold). 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 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 84%. The Zacks Consensus Estimate for current-year earnings has improved 17.2% over the last 60 days. Currently, NVIDIA has 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.
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 10.6% for next year. The Zacks Consensus Estimate for current-year earnings has improved 4.8% 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 559.5%. The Zacks Consensus Estimate for current-year earnings has improved 141.6% over the last 60 days. Coinbase currently sports a Zacks Rank #1.