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5 Crypto Stocks to Gain From as Bitcoin Soars Past $65,000

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On Mar 4, Bitcoin (BTC) surged past $65,000, hitting a two-year high and nearing its all-time high achieved in 2021. The world’s largest cryptocurrency had hit a record high of $68,999.99 in November 2021.

The cryptocurrency market witnessed a solid 2023. The rally has continued into this year and chances are that Bitcoin may hit a new record high in the coming days. The world’s most popular cryptocurrency has surged more than 54.5% year to date and 21% in the past week.

The recent surge in cryptocurrency prices follows the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in early January.

The green light for 11 spot Bitcoin ETFs opened doors for larger investors, sparking renewed enthusiasm and momentum among them.

The approval of the spot Bitcoin ETF was given to integrate cryptocurrencies into mainstream finance, offering sustained support to the crypto space in the long term.

Although cryptocurrency prices experienced a decline in the days following the SEC approval, it appears that the intended impact is now manifesting.

According to data from LSEG, in the week ending Mar 1, net flows into the 10 largest U.S. spot bitcoin funds reached $2.17 billion, with more than 50% of the total allocated to BlackRock's iShares Bitcoin Trust.

Also, the upcoming halving event for Bitcoin in April will reduce the mining reward for new blocks by half. Historically, this event has heightened scarcity, making it challenging for miners to achieve a net increase in Bitcoins. Typically, Bitcoin's value experiences an upward surge due to the constrained supply during such periods.

Stocks to Watch

NVIDIA Corporation (NVDA - Free Report) 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 79.2%. The Zacks Consensus Estimate for current-year earnings has improved 17.5% over the last 60 days. Currently, NVIDIA has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

BlackRock, Inc. (BLK - Free Report) is one of the world’s largest investment managers and is publicly owned. BLK was one of 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 4.9%. The Zacks Consensus Estimate for current-year earnings has improved 5.2% over the last 60 days. BlackRock currently carries a Zacks Rank #2.

Robinhood Markets, Inc. (HOOD - Free Report) 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 its Robinhood Crypto platform.

Robinhood Markets’ expected earnings growth rate for the current year is 132.8%.The Zacks Consensus Estimate for current-year earnings has improved 42.9% over the last 60 days. Robinhood Markets currently has a Zacks Rank #3 (Hold).

CME Group Inc.’s (CME - Free Report) 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 2.8%. The Zacks Consensus Estimate for current-year earnings has improved 1.5% over the last 60 days. CME presently has a Zacks Rank #3.

Visa Inc. (V - Free Report) is taking a significant step toward modernizing cross-border money movement. In a move aimed at enhancing the efficiency of global transactions, V is expanding its stablecoin settlement capabilities to the high-performing Solana blockchain. This expansion of V includes collaboration with prominent merchant acquirers Worldpay and Nuvei, marking a pivotal development in the world of digital payments.

Visa Inc.’s expected earnings growth rate for the current year is 12.9%. The Zacks Consensus Estimate for current-year earnings has improved 0.1% over the last 60 days. V currently has a Zacks Rank #3.

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