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Bitcoin Surpasses $71,000: Buy 4 Crypto Stocks With Growth Potential
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October is proving to be an impressive month for the cryptocurrency market, with Bitcoin (BTC) on track to hit a new all-time high. The recent rally comes just ahead of the U.S. presidential election, which is eight days away. Also, the Federal Reserve’s rate cut last month has been fueling the ongoing rally.
Given this situation, investing in Bitcoin-centric stocks like Interactive Brokers Group, Inc. (IBKR - Free Report) , CME Group Inc. (CME - Free Report) , Accenture plc (ACN - Free Report) and BlackRock, Inc. (BLK - Free Report) , which have strong growth potential for the near term, would be a prudent choice.
Bitcoin Surpasses $71,000
Bitcoin price surpassed $71,000 on Monday for the first time since June. The world’s most popular cryptocurrency rose 2% to hit a high of $71,310 before pulling back slightly below $71,000. It was last trading at $70,999.
The recent surge in Bitcoin comes amid speculation surrounding the outcome of the U.S. election. Bitcoin is frequently linked to Donald Trump’s campaign due to his outspoken support for digital assets. He has even promised to make the United States the world's crypto capital.
The Bitcoin rally paused after a solid 2023 and an impressive first quarter of 2024. The cryptocurrency fell as low as $55,000 as the Federal Reserve delayed its interest rate cuts as inflation remained stubbornly high.
However, inflation has cooled substantially and the Federal Reserve cut interest rates by 50 basis points in its September policy meeting, giving a big boost to cryptocurrencies. Bitcoin has since been on a rally. Market experts believe that Bitcoin could surpass $80,000 by the end of November irrespective of the election outcome.
Bitcoin-Related Stocks Set to Gain
Interactive Brokers Group, Inc.
Interactive Brokers Group, Inc. 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. IBKR has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Interactive Brokers Group has an expected earnings growth rate of 19.8% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 1.2% over the last 60 days. IBKR currently has a Zacks Rank #2.
Image Source: Zacks Investment Research
CME Group
CME Group Inc.’s options give the buyer of the call/put the right to buy/sell cryptocurrency futures contracts at a specific price at some future date. CME offers Bitcoin and ether options based on the exchange's cash-settled standard and micro-Bitcoin and Ethereum futures contracts.
CME Group’s expected earnings growth rate for the current year is 9.6%. The Zacks Consensus Estimate for current-year earnings has improved 3.4% over the last 60 days. CME presently has a Zacks Rank #2.
Image Source: Zacks Investment Research
Accenture plc
Accenture plc is a worldwide system integrator that offers consulting, technology and various other services. The company promotes Ethereum-based blockchain solutions to businesses, aiming to simplify payment processing.
Accenture’s expected earnings growth rate for the current year is 6.9%. The Zacks Consensus Estimate for current-year earnings has improved 1.5% over the last 60 days. Accenture currently carries a Zacks Rank #2.
Image Source: Zacks Investment Research
BlackRock
BlackRock is one of the world’s largest investment managers and is publicly owned. BLK was among 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 13.7%. The Zacks Consensus Estimate for current-year earnings has improved 3.9% over the past 60 days. BlackRock currently sports a Zacks Rank #1.
Image Source: Zacks Investment Research
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Bitcoin Surpasses $71,000: Buy 4 Crypto Stocks With Growth Potential
October is proving to be an impressive month for the cryptocurrency market, with Bitcoin (BTC) on track to hit a new all-time high. The recent rally comes just ahead of the U.S. presidential election, which is eight days away. Also, the Federal Reserve’s rate cut last month has been fueling the ongoing rally.
Given this situation, investing in Bitcoin-centric stocks like Interactive Brokers Group, Inc. (IBKR - Free Report) , CME Group Inc. (CME - Free Report) , Accenture plc (ACN - Free Report) and BlackRock, Inc. (BLK - Free Report) , which have strong growth potential for the near term, would be a prudent choice.
Bitcoin Surpasses $71,000
Bitcoin price surpassed $71,000 on Monday for the first time since June. The world’s most popular cryptocurrency rose 2% to hit a high of $71,310 before pulling back slightly below $71,000. It was last trading at $70,999.
The recent surge in Bitcoin comes amid speculation surrounding the outcome of the U.S. election. Bitcoin is frequently linked to Donald Trump’s campaign due to his outspoken support for digital assets. He has even promised to make the United States the world's crypto capital.
The Bitcoin rally paused after a solid 2023 and an impressive first quarter of 2024. The cryptocurrency fell as low as $55,000 as the Federal Reserve delayed its interest rate cuts as inflation remained stubbornly high.
However, inflation has cooled substantially and the Federal Reserve cut interest rates by 50 basis points in its September policy meeting, giving a big boost to cryptocurrencies. Bitcoin has since been on a rally. Market experts believe that Bitcoin could surpass $80,000 by the end of November irrespective of the election outcome.
Bitcoin-Related Stocks Set to Gain
Interactive Brokers Group, Inc.
Interactive Brokers Group, Inc. 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. IBKR has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Interactive Brokers Group has an expected earnings growth rate of 19.8% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 1.2% over the last 60 days. IBKR currently has a Zacks Rank #2.
Image Source: Zacks Investment Research
CME Group
CME Group Inc.’s options give the buyer of the call/put the right to buy/sell cryptocurrency futures contracts at a specific price at some future date. CME offers Bitcoin and ether options based on the exchange's cash-settled standard and micro-Bitcoin and Ethereum futures contracts.
CME Group’s expected earnings growth rate for the current year is 9.6%. The Zacks Consensus Estimate for current-year earnings has improved 3.4% over the last 60 days. CME presently has a Zacks Rank #2.
Image Source: Zacks Investment Research
Accenture plc
Accenture plc is a worldwide system integrator that offers consulting, technology and various other services. The company promotes Ethereum-based blockchain solutions to businesses, aiming to simplify payment processing.
Accenture’s expected earnings growth rate for the current year is 6.9%. The Zacks Consensus Estimate for current-year earnings has improved 1.5% over the last 60 days. Accenture currently carries a Zacks Rank #2.
Image Source: Zacks Investment Research
BlackRock
BlackRock is one of the world’s largest investment managers and is publicly owned. BLK was among 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 13.7%. The Zacks Consensus Estimate for current-year earnings has improved 3.9% over the past 60 days. BlackRock currently sports a Zacks Rank #1.
Image Source: Zacks Investment Research