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Bitcoin Rally Poised to Resume: 5 Solid Stocks to Bet on
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The cryptocurrency market, which hit record highs in the first quarter, has slowed down over the past couple of weeks. Bitcoin (BTC), which hit an all-time high of $73,750 on Mar 14, has since then pulled back sharply and is now trading below $65,000.
In the past month, Bitcoin has fallen more than 8.2%. However, year to date, it has gained 45.4%, which is evidence of the underlying strength of the world’s most popular cryptocurrency.
That said, the cryptocurrency market holds tremendous potential. The rally, which started in 2023, continued into this year and gathered pace in the second week of January after the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs).
This approval marked a significant milestone in integrating cryptocurrencies into mainstream finance and is expected to offer consistent backing to the sector in the coming years.
The recent decline is thus temporary and being fueled by two major factors. First, the recent geopolitical tensions in the Middle East between Iran and Israel
Cryptocurrencies, being traded continuously and globally, have immediate and often more pronounced effects compared to stocks. The decentralized nature of cryptocurrencies enables rapid responses to geopolitical events, with traders swiftly buying or selling digital assets to manage uncertainty.
Additionally, the Bitcoin halving event, occurring once every four years, is underway. During this event, the reward for mining new blocks is halved. Historically, the halving has increased scarcity, making it more challenging for miners to generate a net increase in Bitcoins. As a result, Bitcoin's value typically sees 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) or 2 (Buy). 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 84.7%. The Zacks Consensus Estimate for current-year earnings has improved 3.1% over the last 60 days. Currently, NVIDIA 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.
Robinhood Markets, Inc. (HOOD - Free Report) operates a financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds, options, gold, and cryptocurrencies. HOOD buys and sells Bitcoin, Ethereum, Dogecoin and other cryptocurrencies using its Robinhood Crypto platform.
Robinhood Markets’ expected earnings growth rate for the current year is 147.5%.The Zacks Consensus Estimate for current-year earnings has improved 45% over the last 60 days. Robinhood Markets currently has 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 12.4% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 6.4% over the last 60 days. IBKR currently 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 41.7% over the last seven days. CLSK presently carries a Zacks Rank #2.
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Bitcoin Rally Poised to Resume: 5 Solid Stocks to Bet on
The cryptocurrency market, which hit record highs in the first quarter, has slowed down over the past couple of weeks. Bitcoin (BTC), which hit an all-time high of $73,750 on Mar 14, has since then pulled back sharply and is now trading below $65,000.
In the past month, Bitcoin has fallen more than 8.2%. However, year to date, it has gained 45.4%, which is evidence of the underlying strength of the world’s most popular cryptocurrency.
That said, the cryptocurrency market holds tremendous potential. The rally, which started in 2023, continued into this year and gathered pace in the second week of January after the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs).
This approval marked a significant milestone in integrating cryptocurrencies into mainstream finance and is expected to offer consistent backing to the sector in the coming years.
The recent decline is thus temporary and being fueled by two major factors. First, the recent geopolitical tensions in the Middle East between Iran and Israel
Cryptocurrencies, being traded continuously and globally, have immediate and often more pronounced effects compared to stocks. The decentralized nature of cryptocurrencies enables rapid responses to geopolitical events, with traders swiftly buying or selling digital assets to manage uncertainty.
Additionally, the Bitcoin halving event, occurring once every four years, is underway. During this event, the reward for mining new blocks is halved. Historically, the halving has increased scarcity, making it more challenging for miners to generate a net increase in Bitcoins. As a result, Bitcoin's value typically sees 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) or 2 (Buy). 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 84.7%. The Zacks Consensus Estimate for current-year earnings has improved 3.1% over the last 60 days. Currently, NVIDIA 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.
Robinhood Markets, Inc. (HOOD - Free Report) operates a financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds, options, gold, and cryptocurrencies. HOOD buys and sells Bitcoin, Ethereum, Dogecoin and other cryptocurrencies using its Robinhood Crypto platform.
Robinhood Markets’ expected earnings growth rate for the current year is 147.5%.The Zacks Consensus Estimate for current-year earnings has improved 45% over the last 60 days. Robinhood Markets currently has 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 12.4% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 6.4% over the last 60 days. IBKR currently 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 41.7% over the last seven days. CLSK presently carries a Zacks Rank #2.