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The cryptocurrency market has made a solid rebound this month. Bitcoin (BTC), the world’s most popular cryptocurrency, especially has had an impressive run over the past couple of weeks. Bitcoin’s recent rally is being powered by the Federal Reserve’s recent rate and the approaching U.S. presidential election that has raised optimism surrounding riskier assets.
Given the positive sentiment ruling the markets, investing in Bitcoin-centric stocks like NVIDIA Corporation NVDA, CME Group Inc. CME, Interactive Brokers Group, Inc. IBKR and Accenture plc ACN, which have strong growth potential in the near term, would be a prudent choice.
Bitcoin on Track to Hit $70,000
Bitcoin hit $69,007.10 briefly on Monday, hitting a three-month high. The cryptocurrency is currently holding above $68,500 and is roughly $5,500 away from its all-time high of $73,750. Bitcoin has jumped 18% since Oct. 10 and is now on track to surpass $70,000.
The cryptocurrency had a solid 2023, and despite failing to capitalize on the Bitcoin halving event in April, has gained 62% year to date.
Many factors have been driving the recent rally. The Federal Reserve announced a 50-basis point rate cut last month, the first since March 2023. Bitcoin has since been performing well, with market participants expecting two more rate cuts of 25 basis points each by the end of this year.
Also, the countdown to the U.S. presidential election has begun. Recent polls and predictions have raised the odds of a Trump victory. Trump is believed to be more supportive of the cryptocurrency industry and has mostly campaigned on a pro-crypto stance. His campaign also has reportedly been receiving donations in cryptocurrencies.
4 Bitcoin-Centric Stocks With Upside
NVIDIA
NVIDIA is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit, or GPU. Over the years, NVDA’s focus has evolved from PC graphics to artificial intelligence-based solutions that now support high-performance computing, gaming and virtual reality platforms.
NVIDIA has an expected earnings growth rate of more than 100% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 4.8% over the past 60 days. NVDA presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CME Group
CME Group Inc.’s 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 78.2%. The Zacks Consensus Estimate for current-year earnings has improved 2.2% over the last 90 days. CME presently has a Zacks Rank #2.
Interactive Brokers Group, Inc.
Interactive Brokers Group, Inc. is a global automated electronic broker. IBKR executes, processes and trades in cryptocurrencies. IBKR’s commodities futures trading desk also offers customers a chance to trade cryptocurrency futures.
Interactive Brokers Group has an expected earnings growth rate of 19.8% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 1.2% over the last 60 days. IBKR currently has a Zacks Rank #2.
Accenture plc
Accenture plc Accenture is a worldwide system integrator that offers consulting, technology, and various services. The company promotes Ethereum-based blockchain solutions to businesses, aiming to simplify payment processing.
Accenture’s expected earnings growth rate for the current year is 6.7%. The Zacks Consensus Estimate for current-year earnings has improved 1.4% over the last 60 days. Accenture currently carries a Zacks Rank #2.
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