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NVDA, BLK and ACN stocks all look to benefit from recent high Bitcoin prices.
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These crypto stocks are poised for strong growth as the Bitcoin price eclipsed $90,000 for the first time.
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The cryptocurrency market is on a rally, with Bitcoin (BTC) hitting multiple milestones over the past week. Bitcoin started the year on a high, extending its gains from 2023. However, the rally came to a halt in the second quarter. Market experts had predicted that the cryptocurrency still has much potential and the rally would resume in the second half of the year.
The recent rally is being fueled by Donald Trump’s landmark victory in the Presidential election coupled with another interest rate cut by the Federal Reserve last week. Given this situation, investing in Bitcoin-centric stocks like NVIDIA Corporation NVDA, BlackRock, Inc. BLK and Accenture plc ACN, which have strong growth potential for the near term, would be a prudent choice.
Last week, Bitcoin surpassed $75,000 for the first time, hours after the nation went to polls to elect the 47th President. The cryptocurrency has not looked back since then. Bitcoin had earlier hit an all-time high of $73,770 in March but suffered over the next three months.
However, it staged a rebound in mid-September after the Federal Reserve announced a 50-basis point interest rate cut, ending its monetary tightening campaign in its bid to curb the 40-year-high inflation.
The rally was further fueled last week following Trump’s victory in the election that saw Bitcoin hitting a fresh high. Earlier this week, Bitcoin surpassed $80,000 for the first time and on Tuesday, it hit a new milestone of $90,000, gaining 34% since Trump’s win. The cryptocurrency was last trading at $87250 and is on track to surpass $100,000 in the near term.
Trump promised during his campaign to make the United States a leader in the digital asset sector, which would involve building a strategic Bitcoin reserve and selecting regulators who are enthusiastic about digital assets. The positive sentiment is now boosting Bitcoin. Also, the Federal Reserve cut interest rates by 25 basis points last week, its second straight interest rate cut in three months, which bodes well for the crypto market.
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 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.
