Bitcoin (BTC) is way off its 2021 peak and has been falling since hitting a 52-week high in July 2023. The price fluctuations in this benchmark crypto have also weighed down on other cryptocurrencies, and the digital currency market has been turbulent this year. In an environment of constantly rising interest rates, Bitcoin has struggled to attract speculators.
However, being the most well-known and “reliable” digital coin, BTC has solidified its position within the market itself. At the beginning of the year, it accounted for about 38% of the entire crypto market. As of Oct 10, per CoinGecko data, it has extended its share to control more than 48.6% of the market. In comparison, the second most well-known crypto, Ethereum (ETH), has lost a major chunk of its market cap. In an uncertain environment, investors turn less speculative and rush to safety. Crypto investors are no different, just that Bitcoin has been making the most of this opportunity at the cost of altcoins.
The crypto market has rebounded from the 2022 rout, and BTC’s revival peaked in July at a 90% appreciation in price. However, it has now settled back down to 67%. Since late September, it has been hovering above the $27,000 mark, almost hitting $28,000 on Oct 7. In this light, with growing institutional acceptance for crypto across geographies, the benchmark digital currency might be entering a period of less volatility and sustained growth. Multiple traditional financial houses applying for a Bitcoin ETF have also acted as a tailwind. The time maybe ripe to closely monitor a few stocks heavily exposed to BTC.
NVIDIA Corporation (NVDA – Free Report) is a semiconductor industry giant and one of the biggest success stories of 2023. As a leading graphic processing unit (GPU) designer, Nvidia stock usually soars with a booming crypto market because GPUs are pivotal for data centers, artificial intelligence, and Bitcoin and altcoin mining.NVDA’s expected earnings growth rate for the current year is 221.6%. The Zacks Consensus Estimate for its current-year earnings has improved 37.9% over the past 60 days. NVDA currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Stronghold Digital Mining, Inc. (SDIG – Free Report) is a crypto asset mining company that focuses on mining Bitcoin in the United States. SDIG’s expected earnings growth rate for the current year is 97.7%. The Zacks Consensus Estimate for its current-year earnings has improved 68.7% over the past 60 days. SDIG currently carries a Zacks Rank #3 (Hold).
CleanSpark, Inc. (CLSK – Free Report) is a company that mines and develops sustainable infrastructure for Bitcoin. Cleanspark’s expected earnings growth rate for next year is 89.1%. The Zacks Consensus Estimate for its current-year earnings has remained unchanged over the past 60 days. CLSK currently carries a Zacks Rank #3.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.3% per year. So be sure to give these hand-picked 7 your immediate attention.
