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Is $100,000 Near at Hand for Bitcoin? 3 Crypto Stocks to Gain
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The price of Bitcoin (BTC) briefly topped $70,000 on Mar 8 for the first time. It is, however, currently trading below its record high of $68,982.20. Nonetheless, the price of the flagship cryptocurrency has surged significantly this year after a phenomenal 2023, gaining more than 150%.
Moreover, some cryptocurrency bulls are now expecting the price of Bitcoin to touch $100,000 soon. In reality, 3iQ Corp’s director of research, Mark Connors, expects the price of Bitcoin to reach the $100,000 mark before the halving event, which is expected around Apr 20.
So, what’s propelling the price of Bitcoin higher? Of course, the halving event will act as a boon for the price of Bitcoin. This is because the supply of Bitcoin is lowered during the halving event, eventually leading to an uptick in price. During the halving event, the supply of Bitcoin has a cap of 21 million.
However, the price of Bitcoin has already started to gain momentum as its investor base has broadened since Bitcoin ETFs began trading on Jan 11. There was already optimism among crypto market aficionados after the regulator approved 10 spot Bitcoin ETFs in January.
Those 10 spot Bitcoin ETFs saw a net inflow of $7 billion combined from mid-Jan through the end of February, per data from Morningstar Direct. BlackRock’s iShares Bitcoin Trust witnessed the highest inflow, per Dow Jones Market Data.
The Federal Reserve’s dovish stance is also partly responsible for lifting the price of Bitcoin. The Fed has kept its interest rates unchanged in its latest policy meeting and expects to trim rates later this year. Notably, higher interest rates are bottlenecks for Bitcoin as it weighs on high-risk assets like digital coins.
Hence, it makes sense for astute investors to place bets on stocks that are well-positioned to capitalize on the price of Bitcoin’s present upsurge. Some of the prominent names are Block, Inc. (SQ - Free Report) , Coinbase Global, Inc. (COIN - Free Report) and Nvidia Corporation (NVDA - Free Report) . These stocks carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Block is a digital payments company that generates revenues from products such as Cash App, where Bitcoin is purchased and sold. Block has successfully expanded its customer base and boosted its profit margins.
The Zacks Consensus Estimate for Block’s current-year earnings has increased by 0.3% over the past 60 days. Block’s expected earnings growth rate for the current and next year is 63.9% and 31.2%, respectively. Its estimated revenue growth rate for the current and next year is 12.8% and 11.4%, respectively.
Coinbase is a crypto trading platform where around 50 different kinds of digital assets, including Bitcoin, are traded. Coinbase registered fourth-quarter profit banking on an uptick in transaction volumes and higher interest income.
The Zacks Consensus Estimate for Coinbase’s current-year earnings has increased by 268.3% over the past 60 days. Coinbase’s expected earnings growth rate for the current year is 172.3%. Its estimated revenue growth rate for the current year is 29.3% (read more: 2 Stocks in Cathie Wood's Portfolio to Watch Now).
NVIDIA, the semiconductor behemoth, has entered the crypto space by designing graphic processing units for mining cryptos, including Bitcoin. NVIDIA recently posted solid fiscal fourth-quarter earnings results (read more: NVIDIA a Must-Buy After AI-Fueled Blowout Earnings).
The Zacks Consensus Estimate for NVIDIA’s current-year earnings has increased by 16.1% over the past 60 days. NVIDIA’s expected earnings growth rate for the current and next year is 79.2% and 11%, respectively. Its estimated revenue growth rate for the current and next year is 68.1% and 14.9%, respectively.
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Is $100,000 Near at Hand for Bitcoin? 3 Crypto Stocks to Gain
The price of Bitcoin (BTC) briefly topped $70,000 on Mar 8 for the first time. It is, however, currently trading below its record high of $68,982.20. Nonetheless, the price of the flagship cryptocurrency has surged significantly this year after a phenomenal 2023, gaining more than 150%.
Moreover, some cryptocurrency bulls are now expecting the price of Bitcoin to touch $100,000 soon. In reality, 3iQ Corp’s director of research, Mark Connors, expects the price of Bitcoin to reach the $100,000 mark before the halving event, which is expected around Apr 20.
So, what’s propelling the price of Bitcoin higher? Of course, the halving event will act as a boon for the price of Bitcoin. This is because the supply of Bitcoin is lowered during the halving event, eventually leading to an uptick in price. During the halving event, the supply of Bitcoin has a cap of 21 million.
However, the price of Bitcoin has already started to gain momentum as its investor base has broadened since Bitcoin ETFs began trading on Jan 11. There was already optimism among crypto market aficionados after the regulator approved 10 spot Bitcoin ETFs in January.
Those 10 spot Bitcoin ETFs saw a net inflow of $7 billion combined from mid-Jan through the end of February, per data from Morningstar Direct. BlackRock’s iShares Bitcoin Trust witnessed the highest inflow, per Dow Jones Market Data.
The Federal Reserve’s dovish stance is also partly responsible for lifting the price of Bitcoin. The Fed has kept its interest rates unchanged in its latest policy meeting and expects to trim rates later this year. Notably, higher interest rates are bottlenecks for Bitcoin as it weighs on high-risk assets like digital coins.
Hence, it makes sense for astute investors to place bets on stocks that are well-positioned to capitalize on the price of Bitcoin’s present upsurge. Some of the prominent names are Block, Inc. (SQ - Free Report) , Coinbase Global, Inc. (COIN - Free Report) and Nvidia Corporation (NVDA - Free Report) . These stocks carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Block is a digital payments company that generates revenues from products such as Cash App, where Bitcoin is purchased and sold. Block has successfully expanded its customer base and boosted its profit margins.
The Zacks Consensus Estimate for Block’s current-year earnings has increased by 0.3% over the past 60 days. Block’s expected earnings growth rate for the current and next year is 63.9% and 31.2%, respectively. Its estimated revenue growth rate for the current and next year is 12.8% and 11.4%, respectively.
Coinbase is a crypto trading platform where around 50 different kinds of digital assets, including Bitcoin, are traded. Coinbase registered fourth-quarter profit banking on an uptick in transaction volumes and higher interest income.
The Zacks Consensus Estimate for Coinbase’s current-year earnings has increased by 268.3% over the past 60 days. Coinbase’s expected earnings growth rate for the current year is 172.3%. Its estimated revenue growth rate for the current year is 29.3% (read more: 2 Stocks in Cathie Wood's Portfolio to Watch Now).
NVIDIA, the semiconductor behemoth, has entered the crypto space by designing graphic processing units for mining cryptos, including Bitcoin. NVIDIA recently posted solid fiscal fourth-quarter earnings results (read more: NVIDIA a Must-Buy After AI-Fueled Blowout Earnings).
The Zacks Consensus Estimate for NVIDIA’s current-year earnings has increased by 16.1% over the past 60 days. NVIDIA’s expected earnings growth rate for the current and next year is 79.2% and 11%, respectively. Its estimated revenue growth rate for the current and next year is 68.1% and 14.9%, respectively.