There’s no stopping the cryptocurrency rally that has surpassed market expectations in the past month. On Wednesday, Bitcoin (BTC), the world’s most popular cryptocurrency, surpassed the $100,000 mark for the first time, hitting a new all-time high.
The ongoing rally is being fueled by expectations that President-elect Donald Trump will create a crypto-friendly regulatory environment when he assumes office in January 2025. Also, since Trump’s win in the Presidential Election, several pro-crypto lawmakers have entered Congress.
Given the positive sentiment, investing in Bitcoin-centric stocks like NVIDIA Corporation NVDA, BlackRock, Inc. BLK, Coinbase Global, Inc. COIN and Shopify Inc. SHOP, which have strong growth potential for the near term, would be a prudent choice. Each of these stocks has seen positive earnings estimate revision in the past 60 days and carries a Zacks Rank #1 (Strong Buy) and 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Bitcoin was last higher by $102,570.49 on Wednesday night after hitting an all-time high of $103,844.05 earlier in the day. The cryptocurrency gained more than 6.2% in the last 24 hours and has now gained 133% year to date and over 48% since the election.
Wednesday’s move came as Trump announced his plans to nominate Paul Atkins to head the Securities and Exchange Commission, a promise he made during his campaign to replace the present head, Gary Gensler. Investors believe Atkins will help boost the cryptocurrency market, given that he played a major role in shaping crypto policies as co-chair of Token Alliance.
However, the broader rally over the past month has been driven by post-election euphoria. During his campaign, Trump vowed to make the United States the “crypto capital of the world,” outlining plans to create a strategic Bitcoin reserve and appoint regulators who support digital assets.
Also, the minutes from the Federal Reserve’s latest meeting, released last week, suggested that the central bank plans to implement more rate cuts, albeit “gradually,” which will benefit cryptocurrencies. This positive outlook is driving the rally, and experts believe Bitcoin still has a lot of potential and $100,000 is just one of the first landmarks.
NVIDIA Corporation 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 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.
