Back to top

Image: Bigstock

3 Crypto Stocks to Buy Amid Ongoing Market Volatility

Read MoreHide Full Article

The cryptocurrency rally has suddenly taken a break since April after 15 months of a solid run. Bitcoin's (BTC) price has fallen below $68,500 since hitting an all-time high of $73,750 in March.

Bitcoin has fallen more than 15% since then. However, the cryptocurrency still holds a lot of potential, and experts believe the rally will resume soon. Year to date, Bitcoin has gained 54.3% after gaining 207% in 2023.

This year’s rally has largely been fueled by the approval of 11 spot Bitcoin ETFs in January. It has gained more than 50% since the approval.

The recent decline is temporary as several factors, including the Bitcoin halving event, are responsible for it. The halving event, which takes place once in four years, reduces the block reward by 50%, with the goal of capping Bitcoin's total supply at 21 million coins.

This reduction in the rate of new Bitcoin issuance usually increases demand for cryptocurrency, often leading to a rise in its price.

However, the halving event is over and Bitcoin is expected to regain momentum. Also, the Wall Street rally took a brief halt in April as concerns grew over rising inflation and interest rate hikes.

Inflation increased in the first quarter, which raised fears that the Fed could keep interest rates higher for a longer period of time. Higher interest rates negatively affect growth assets like technology stocks, consumer discretionary stocks and cryptocurrencies.

However, inflation eased in April raising hopes of a rate cut soon, which sent stocks on a rally in May. The consumer price index (CPI) rose 0.3% month over month in April, lower than the consensus estimate of a rise of 0.4%. Year over year, CPI rose 3.4%.

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), 2 (Buy) or 3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

NVIDIA Corporation (NVDA - Free Report) is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit, or GPU. Over the years, NVDA’s focus has evolved from PC graphics to artificial intelligence-based solutions that now support high-performance computing, gaming and virtual reality platforms.

NVIDIA has an expected earnings growth rate of 93.7% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 4.7% over the last 60 days. NVDA presently sports a Zacks Rank #1.

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 12.9% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 6.9% over the last 60 days. IBKR currently 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 the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 357.3% over the last 60 days. Coinbase currently sports a Zacks Rank #1.


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Interactive Brokers Group, Inc. (IBKR) - free report >>

NVIDIA Corporation (NVDA) - free report >>

Coinbase Global, Inc. (COIN) - free report >>

Published in