3 Crypto Stocks to Watch Closely for Bitcoin’s Bullish Run

The price of Bitcoin (BTC) gained momentum in 2021 due to institutional adoption but took a hit in 2022 due to regulatory and environmental issues. But Bitcoin has had a remarkable 2023, with the price of the flagship cryptocurrency rising by 157%. The upward momentum continued in 2024; Bitcoin’s price broke the $60,000 barrier in early March and rose above the $71,000 threshold at the beginning of May 21.

Recent Federal Reserve official concerns about price pressures and the hesitancy of many to lower interest rates anytime soon unfortunately sent the Bitcoin price crashing on May 22. Bitcoin is trading just above the $69,000 level but crypto market enthusiasts expect the rise to continue unless the price surpasses this level.

Bitcoin’s price has risen more than 50% so far this year, easily outperforming stocks and bonds. And the uptrend is expected to continue largely due to regulatory approval of 10 spot Bitcoin ETFs in January. Morningstar Direct confirmed that 10 spot Bitcoin ETFs witnessed net inflows of $7 billion by the end of February.

Thanks to regulatory approvals, retail and institutional investors gained access to the world’s largest cryptocurrency through brokerage accounts. This has legitimized Bitcoin’s status as a reliable asset class, which will help its price rise in the near future. The possibility of a spot Ethereum ETF is also expected to drive Bitcoin’s rise. The SEC required exchanges that intend to list Ethereum ETFs to update their 19b-4 filings.

Moreover, strong bipartisan support recently helped the House of Representatives pass a landmark crypto bill. Nearly all Republicans and 71 Democrats voted in favor of crypto legislation; This is a clear sign that Washington has confidence in the reliability of the digital asset sector. The changing stance of the Biden administration undoubtedly bodes well for the price of Bitcoin and other digital currencies.

So, while things are looking very nice for Bitcoin, smart investors should pay attention to stocks that could make the most of Bitcoin’s relentless rise. Some notable names include Block, Inc. SQ, Coinbase Global, Inc. COIN and NVIDIA Corporation are NVDA.

Digital payment company Block generates revenue from products such as Cash App. Bitcoin is bought and sold on this platform. Block can significantly increase its customer base and increase profit margins. Block currently sports a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

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The Zacks Consensus Estimate for Block’s current-year earnings has increased 2% over the past 60 days. Block’s expected earnings growth rate for the current year is 73.9%. The estimated revenue growth rate for this year is 15.1%.

Coinbase is a crypto trading platform where many digital assets are bought and sold, including Bitcoin. Coinbase is currently sporting a Zacks Rank of #1.

The Zacks Consensus Estimate for Coinbase’s current-year earnings has increased 357.3% over the past 60 days. Coinbase’s expected earnings growth rate for this year is 1,840.5%. The estimated revenue growth rate for the current year is 83.5% (read more: 2 Stocks to Watch in Cathie Wood’s Portfolio Now).

Semiconductor giant NVIDIA designs GPUs for mining cryptocurrencies like Bitcoin. NVIDIA recently announced earnings results for the first quarter ending April 28, 2024, and it shattered Wall Street’s expectations. NVIDIA currently has a Zacks Rank #1.

The Zacks Consensus Estimate for NVIDIA’s current-year earnings has increased 2.5% over the past 60 days. NVIDIA’s expected earnings growth rate for this year is 89.2%. The estimated revenue growth rate for this year is 77.7%.

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NVIDIA Corporation (NVDA): Free Stock Analysis Report

Block, Inc. (SQ): Free Stock Analysis Report

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