The post-election rally saw Bitcoin (BTC-USD) hitting an all-time high of $99,027 on Nov. 22. Since then, the cryptocurrency has marginally pulled back but is still trading above $95,500 and on track to hit a new milestone.
The Bitcoin rally that started in 2023 came to an abrupt halt in the second quarter. However, it rebounded in September after the Federal Reserve announced the first interest rate cut. The recent rally is fueled by optimism surrounding Donald Trump’s win in the U.S. presidential election. This has seen Bitcoin surpass expectations and race toward the $100,000 milestone.
Given the positive sentiment, investing in Bitcoin-centric stocks like Coinbase Global, Inc. COIN, BlackRock, Inc. BLK, Accenture plc ACN, and NVIDIA Corporation NVDA, 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 pulled back from its earlier high over the past few sessions as the post-election rally fizzled last week. The cryptocurrency hit an intraday low of $90,770 on Wednesday, as investors took time to reassess the regulatory relaxation anticipated from Trump when he takes office in January 2025.
However, some favorable developments in the regulatory landscape and upbeat market sentiment saw the cryptocurrency rebounding in the past 24 hours, indicating that the post-election rally is far from over. In the past 24 hours, Bitcoin has gained 2.6%.
Throughout his campaign, Trump promised to transform the United States into the “crypto capital of the planet,” with plans to launch a strategic Bitcoin reserve and appoint regulators who back digital assets. Trump’s supportive stance on cryptocurrency, along with reports suggesting his team is considering former CFTC Chair Chris Giancarlo for a “Crypto Czar” position, has boosted optimism in the market.
Also, the minutes of the Federal Reserve’s latest meeting revealed on Tuesday that the central bank plans to go for more rate cuts, although “gradually’, which will further help cryptocurrencies. The overall upbeat sentiment is fueling the rally, and experts now believe that Bitcoin price hitting $100,000 is just a matter of time.
BlackRock is one of the world’s largest investment managers and is publicly owned. BLK was among the first companies from the traditional market to join the Bitcoin ETF race back in June 2023.
