Since its inception, Bitcoin (BTC) has been the unrivaled leader in the world of cryptocurrencies, dominating the markets by a significant margin. After hitting $60,000 in 2021, it experienced a sharp decline, bottoming out at $20,000. But recently, it’s been climbing rapidly, breaching the $44,000 mark on Tuesday, Dec 5.
This resurgence in BTC has drawn attention due to traditional investment firms pursuing SEC approval for Bitcoin ETFs, potentially paving the way for institutional investments in the crypto sector by early 2024.
Another focal point is the Federal Reserve’s monetary policy in 2024. It’s anticipated that the Fed will maintain current interest rates at the Dec 13 meeting, possibly reducing them in the first quarter of 2024. This shift, coupled with the scheduled Bitcoin “halving” in April 2024, could further bolster Bitcoin’s price in an anticipated booming market.
In 2023 alone, Bitcoin has surged over 150% and currently holds over 51.3% of the crypto market. With expectations to surpass $50,000 and the aforementioned factors at play, investors might consider tracking stocks related to or influenced by Bitcoin.
Here are a few options:
- Cboe Global Markets, Inc. (CBOE): An options exchange marketplace involved in digital currency, including Bitcoin. Expected current-year earnings growth: 9.4%. Zacks Rank #1 (Strong Buy).
- NVIDIA Corporation (NVDA): A semiconductor giant whose GPUs are integral for data centers, AI, and crypto mining. Expected current-year earnings growth: 264.4%. Zacks Rank #2 (Buy).
- Block Inc. (SQ): An online payment platform enabling Bitcoin transactions and decentralized finance applications. Expected current-year earnings growth: 90%. Zacks Rank #2.
