4 Solid Crypto Stocks to Buy Before the Next Bitcoin Rally

The cryptocurrency’s rally has come to an abrupt halt after a solid 15-month period during which Bitcoin (BTC) hit an all-time high earlier this year. However, Bitcoin price remained in a range and is currently trading below the 69,000 level.

This comes despite renewed optimism that the Fed could start cutting interest rates soon.

Bitcoin reached an all-time high of $73,750 in March. Its price has fallen more than 16% since then. But the recent decline is temporary, as Bitcoin has been on a dream run for the past year. Bitcoin has gained 56.2% since the beginning of the year, after surging more than 207% in 2023.

The Bitcoin rally gained momentum in early January after the SEC approved 11 spot Bitcoin ETFs. The cryptocurrency crashed in April with the start of the halving event.

The halving event, which occurs every four years, reduces the block reward by 50% in an attempt to limit the total Bitcoin supply to 21 million coins.

Demand for cryptocurrencies generally increases in response to this decrease in the rate of new Bitcoin supply, which often increases their prices.

However, the halving event is now over and Bitcoin is expected to regain momentum. In addition, weak manufacturing data and the decline in inflation in April once again raised hopes that the Fed might start reducing interest rates soon. Higher interest rates have a negative impact on growth assets such as cryptocurrency, consumer discretionary equities, and technology companies.

Our choices

We’ve narrowed our search to four crypto-focused stocks with strong potential for 2024. Each of our picks carries 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 is a global leader in visual computing technologies and the inventor of the graphics processing unit, or GPU. Over the years, NVDA’s focus has evolved from PC graphics to AI-based solutions that now support high-performance computing, gaming and virtual reality platforms.

It is stated that NVIDIA’s expected earnings growth rate for this year is 107.1%. The Zacks Consensus Estimate for current-year earnings has increased 12% over the past 60 days. NVDA is currently sporting a Zacks Rank of #1.

Coinbase Global, Inc. COIN provides financial infrastructure and technology to support the global cryptocurrency economy. COIN provides a primary financial account for consumers in the crypto space, a marketplace with liquidity for institutional cryptoasset transactions, and technology and services for developers to build crypto-based applications and securely accept cryptocurrencies as payment.

The story continues

Coinbase Global’s expected earnings growth rate for this year is over 100%. The Zacks Consensus Estimate for current-year earnings has moved 305.7% higher over the past 60 days. Coinbase is currently sporting a Zacks Rank of #1.

Interactive Brokers Group, Inc. IBKR is a global automated electronic broker. IBKR operates, processes and trades cryptocurrencies. IBKR’s commodity futures trading desk also offers clients the chance to trade cryptocurrency futures.

Interactive Brokers Group’s expected earnings growth rate for this year is 12.9%. The Zacks Consensus Estimate for current-year earnings has moved 6.9% higher over the past 60 days. IBKR currently carries a Zacks Rank #2.

Robinhood Markets, Inc. HOOD operates a financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds, options, gold and cryptocurrencies. HOOD buys and sells Bitcoin, Ethereum, Dogecoin and other cryptocurrencies using the Robinhood Crypto platform.

Robinhood Markets’ expected earnings growth rate for the current year is 200%. The Zacks Consensus Estimate for current-year earnings has increased 165.2% over the past 60 days. Robinhood Markets currently has a Zacks Rank #2.

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Interactive Brokers Group, Inc. (IBKR): Free Stock Analysis Report

NVIDIA Corporation (NVDA): Free Stock Analysis Report

Coinbase Global, Inc. (COIN): Free Stock Analysis Report

Robinhood Markets, Inc. (HOOD): Free Stock Analysis Report

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