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The cryptocurrency market has been on a rally, with Bitcoin (BTC) setting multiple new records since Donald Trump’s victory in the U.S. presidential election. On Wednesday, Bitcoin surpassed $97,000 for the first time, touching a high of $97,628.
Market experts had predicted Bitcoin would surpass $80,000 by the end of November after the cryptocurrency retreated in the second and third quarters of 2024 from its previous all-time high of $73,770 attained in March. However, Bitcoin has surpassed expectations in the past few weeks and is now on track to hit $100,000 anytime, fueled by hopes of a friendlier regulatory approach under Trump’s regime.
Given the positive outlook, investing in Bitcoin-centric stocks like NVIDIA Corporation (NVDA - Free Report) , BlackRock, Inc. (BLK - Free Report) , CME Group Inc. (CME - Free Report) and Accenture plc (ACN - Free Report) , which have strong growth potential for the near term, would be a prudent choice. Each of these stocks has seen positive earnings estimate revision in the past 60 days and carries a Zacks Rank #1 (Strong Buy) and 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Bitcoin on Track to Hit $100,000
The Bitcoin rally, which started after the Federal Reserve announced a 50-basis point rate cut in September, its first since March 2020, was fueled by Trump’s landslide victory in the U.S. Presidential election.
Bitcoin’s price has more than doubled in 2024, and in the past two weeks since Trump’s win, the cryptocurrency has rallied more than 40%. Over $4 billion has since flown into U.S.-listed Bitcoin ETFs.
During his campaign, Trump vowed to make the United States the “crypto capital of the planet,” including the creation of a strategic Bitcoin reserve and appointing regulators who support digital assets. This optimistic outlook is currently driving Bitcoin's rise.
Also, the Federal Reserve lowered interest rates by 25 basis points a day after Trump won the election week, marking its second consecutive rate cut in three months, which is being seen as a positive sign for the crypto market.
4 Bitcoin-Focused Stocks Likely to Gain
NVIDIA Corporation
NVIDIA Corporation is a major player in the semiconductor industry and has been one of the standout success stories of 2023. As a leading designer of graphic processing units (GPUs), the value of the NVDA stock tends to surge in a thriving crypto market. This is primarily due to the crucial role that GPUs play in data centers, artificial intelligence, and the mining or production of cryptocurrencies.
NVIDIA’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 1.4% over the last 60 days. Currently, NVIDIA sports a Zacks Rank #1.
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 14.3%. The Zacks Consensus Estimate for current-year earnings has improved 4.4% over the past 60 days. BLK currently sports a Zacks Rank #1.
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 9.4%. The Zacks Consensus Estimate for current-year earnings has improved 3.1% 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 3.2% over the last 60 days. ACN currently carries a Zacks Rank #2.
Image Source: Zacks Investment Research
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4 Crypto-Centric Stocks to Gain as Bitcoin Looks Set to Hit $100,000
Key Takeaways
The cryptocurrency market has been on a rally, with Bitcoin (BTC) setting multiple new records since Donald Trump’s victory in the U.S. presidential election. On Wednesday, Bitcoin surpassed $97,000 for the first time, touching a high of $97,628.
Market experts had predicted Bitcoin would surpass $80,000 by the end of November after the cryptocurrency retreated in the second and third quarters of 2024 from its previous all-time high of $73,770 attained in March. However, Bitcoin has surpassed expectations in the past few weeks and is now on track to hit $100,000 anytime, fueled by hopes of a friendlier regulatory approach under Trump’s regime.
Given the positive outlook, investing in Bitcoin-centric stocks like NVIDIA Corporation (NVDA - Free Report) , BlackRock, Inc. (BLK - Free Report) , CME Group Inc. (CME - Free Report) and Accenture plc (ACN - Free Report) , which have strong growth potential for the near term, would be a prudent choice. Each of these stocks has seen positive earnings estimate revision in the past 60 days and carries a Zacks Rank #1 (Strong Buy) and 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Bitcoin on Track to Hit $100,000
The Bitcoin rally, which started after the Federal Reserve announced a 50-basis point rate cut in September, its first since March 2020, was fueled by Trump’s landslide victory in the U.S. Presidential election.
Bitcoin’s price has more than doubled in 2024, and in the past two weeks since Trump’s win, the cryptocurrency has rallied more than 40%. Over $4 billion has since flown into U.S.-listed Bitcoin ETFs.
During his campaign, Trump vowed to make the United States the “crypto capital of the planet,” including the creation of a strategic Bitcoin reserve and appointing regulators who support digital assets. This optimistic outlook is currently driving Bitcoin's rise.
Also, the Federal Reserve lowered interest rates by 25 basis points a day after Trump won the election week, marking its second consecutive rate cut in three months, which is being seen as a positive sign for the crypto market.
4 Bitcoin-Focused Stocks Likely to Gain
NVIDIA Corporation
NVIDIA Corporation is a major player in the semiconductor industry and has been one of the standout success stories of 2023. As a leading designer of graphic processing units (GPUs), the value of the NVDA stock tends to surge in a thriving crypto market. This is primarily due to the crucial role that GPUs play in data centers, artificial intelligence, and the mining or production of cryptocurrencies.
NVIDIA’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 1.4% over the last 60 days. Currently, NVIDIA sports a Zacks Rank #1.
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 14.3%. The Zacks Consensus Estimate for current-year earnings has improved 4.4% over the past 60 days. BLK currently sports a Zacks Rank #1.
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 9.4%. The Zacks Consensus Estimate for current-year earnings has improved 3.1% 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 3.2% over the last 60 days. ACN currently carries a Zacks Rank #2.
Image Source: Zacks Investment Research