Riding the Bitcoin Wave: Top Stocks Surging with the Recent Breakthrough
Bitcoin's narrative, marked by tumultuous swings, saw it soar to $60,000 in 2021, only to plummet to $20,000 before sparking hope with a recent climb past $44,000 on December 5th.
Excitement surrounding Bitcoin’s prospects stems from traditional investment giants vying for SEC approval of Bitcoin ETFs. Rumors hint at potential SEC nods by the first half of 2024, igniting expectations of an influx of institutional funds into the crypto sphere.
The gaze also shifts to the Federal Reserve’s 2024 monetary roadmap. Forecasts suggest a status quo on interest rates in the imminent December 13 meeting, followed by an anticipated decline in early 2024. Amidst this transition and a surge in risk appetite among investors, cryptocurrencies, seen as high-risk assets, stand poised for potential gains. Adding to the fervor, the scheduled Bitcoin “halving” in April 2024 is anticipated to curtail mined Bitcoins, potentially boosting the cryptocurrency’s valuation.
Bitcoin’s meteoric 150% surge in 2023, commanding over half of the crypto market, foretells a journey aiming to breach the elusive $50,000 mark. Given this landscape, exploring stocks associated with Bitcoin could prove strategic.
Enterprises like Cboe Global Markets, Inc. (CBOE), deeply entrenched in the digital currency domain, including Bitcoin, project a respectable 9.4% earnings growth rate for the current year.
READ MORE: Bitcoin Community Divided Over Inscriptions
NVIDIA Corporation (NVDA) a juggernaut in the semiconductor arena, experiences windfall gains amid the crypto market surge, owing to its graphic processing units (GPUs) essential for diverse applications, notably Bitcoin and alternate coin mining. NVDA forecasts an astronomical 264.4% earnings growth rate for the current year.
Block Inc. (SQ), a digital and mobile payment platform facilitating Bitcoin transactions, not only facilitates Bitcoin exchanges but also serves as a playground for developers crafting decentralized finance applications on programmable blockchains. It anticipates a substantial 90% earnings growth rate for the current year.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
