The Bitcoin Rollercoaster
In an era where volatility reigns supreme, Bitcoin hit a remarkable milestone on Mar 14, soaring to a record high of $73,750.07. However, the cryptocurrency’s descent was equally notable, plunging over 17.5% in less than a week to $66,982.84 by Mar 21. The journey continued as Bitcoin rallied by more than 7% post an encouraging announcement from the Federal Reserve regarding three anticipated 25 basis point interest rate reductions in 2024.
The Crypto Awakening
As the tides of interest rates ebb and flow, the world of cryptocurrency stands resilient, with Bitcoin escalating by a staggering 74.5% in the current year, following a meteoric 157% surge in 2023. The transformative moment arrived on Jan 10 when the U.S. Securities and Exchange Commission greenlit rule modifications, ushering in the era of spot Bitcoin exchange-traded funds (ETFs). A wave of 11 spot Bitcoin ETFs materialized in January, amplifying the crypto realm’s fervor.
The Halving Effect
Looking ahead to April 2024, the crypto community braces for the next Bitcoin halving. This significant event will slash the rewards for mining new blocks, intensifying the challenge for miners to procure net Bitcoins. Historical precedent indicates that such halvings foster scarcity, propelling Bitcoin’s value skyward by reducing its supply – a pattern that may repeat itself in the looming halving.
Optimistic Forecasts
Prognosticators foresee a golden era for Bitcoin, with Standard Chartered envisioning a surge to $100,000 by the close of 2024. On the other hand, Fundstrat sets an ambitious target range of $116,000 to $137,000 for the current year, while SkyBridge predicts a stunning $170,000 milestone by April 2025.
As we navigate this crypto landscape brimming with possibilities, the market reveals promising gems concealed among the fervor.
Our Select Picks
Embarking on an expedition to unearth the treasures within the crypto-sphere, we’ve curated a list of five stocks poised for greatness in 2024. Each choice is adorned with a Zacks Rank of #1 (Strong Buy) or 2 (Buy), heralding potential riches for investors exploring the world of cryptocurrency.
Image Source: Zacks Investment Research
NVIDIA Corp. – NVDA
Behold the Silicon Valley colossus, NVIDIA Corp. NVDA, titan of the semiconductor realm. NVDA rode the waves of success in 2023, bolstered by its prowess in graphical processing units (GPUs) crucial for data centers, artificial intelligence, and crypto asset creation. The NVDA stock’s flight mirrors the crypto market’s trajectory, basking in the glow of a booming industry.
Coinbase Global Inc. – COIN
Enter Coinbase Global Inc. COIN – the bedrock of financial infrastructure for the crypto economy, bridging nations with its innovative technology. COIN’s ecosystem encompasses a financial haven for consumers, a liquid marketplace for institutions, and a haven for developers crafting crypto applications.
Block Inc. – SQ
Witness Block Inc. SQ, the digital payment maverick surging at the forefront of online transactions. SQ, harbinger of decentralized finance, fuels the crypto engine with its Cash App’s Bitcoin capabilities, coupled with a platform empowering developers to forge blockchain-based applications.
Robinhood Markets Inc. – HOOD
Embrace Robinhood Markets Inc. HOOD, the trailblazer in financial services engendering a democratized investment landscape. HOOD’s realm spans stocks, ETFs, options, and an array of cryptocurrencies, including Bitcoin and Ethereum.
CleanSpark Inc. – CLSK
Here stands CleanSpark Inc. CLSK, a Bitcoin mining virtuoso reigning supreme in the Americas. CLSK’s eco-conscious data centers operate on low-carbon energy, fueling Bitcoin mining and advancing financial access through digital innovations.
In a terrain where digital frontiers beckon, these stocks emerge as beacons of hope for investors seeking to partake in the burgeoning crypto resurgence.
5 Stocks Entering the Stratosphere
Handpicked by Zacks experts, these elite stocks aim to catapult +100% or beyond in 2024. Previous recommendations have soared, paving the way for unprecedented growth and opportunities for investors.
Unveil these hidden treasures and secure your ticket to a prosperous future today – the crypto realm beckons with promises of fortunes untold.
Disclaimer: All opinions expressed are those of the author and do not necessarily mirror the sentiments of Nasdaq, Inc.
