5 Crypto-Related Stocks With Upside as Bitcoin Hits All-Time High #CriptoNews

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Stocks like NVDA, IBKR, BLK, ACN and CME are set to rise as cryptocurrencies are on a rally.
Bitcoin hit an all-time trading high of more than $75,000 after Donald Trump’s presidential election victory.
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Cryptocurrencies are on a rally, with Bitcoin (BTC) hitting an all-time high on Wednesday morning, amid reports of Donald Trump making major gains in the U.S. Presidential election. Bitcoin crossed the $75,000 mark hours after the nation went to polls to elect the 47th president.

The Bitcoin rally has been gaining pace over the past month after the Federal Reserve announced its first interest rate cut in four years. Investors are optimistic about another rate cut at the end of the Federal Reserve’s November policy meeting on Thursday, which is likely to give the crypto market a further boost.

Given this situation, investing in Bitcoin related stocks like NVIDIA Corporation NVDA, Interactive Brokers Group, Inc. IBKR, BlackRock, Inc. BLK, Accenture plc ACN and CME Group Inc. CME, which have strong growth potential for the near term, would be a prudent choice.

Bitcoin hit an all-time high of $75,011.06 on Wednesday, surpassing its previous high of $73,770 recorded in March. The cryptocurrency was last trading at 74,802, up 8.2% in the past 24 hours. The high came as millions of Americans came out to cast their votes to elect the nation’s next president.

Other major cryptocurrencies like Ethereum (ETH), Cardano (ADA) and Dogecoin (DOGE) also surged on Tuesday. Ethereum, Cardano and Dogecoin jumped 6.6%, 8.8% and 18.8%, respectively. The cryptocurrency market cap surged to nearly $1.5 trillion hours after polling opened.

Bitcoin has performed well lately, driven by institutional investments and increasing mainstream acceptance. Bitcoin ETFs have attracted more than $50 billion in inflows, which has helped create a solid base for Bitcoin’s recent price changes.

Bitcoin is often linked to Trump’s campaign because of his strong advocacy for digital assets. He has even pledged to turn the United States into the global hub for cryptocurrency.

The Federal Reserve cut interest rates by 50 basis points in September, giving a major boost to cryptocurrencies. Since then, Bitcoin has been on a strong rally. Market participants are now confident that the Federal Reserve will announce another 25 basis-point interest rate cut at the end of its November policy meeting this week, which could further fuel the ongoing rally.

Also, market analysts predict that Bitcoin could exceed $80,000 by the end of November, regardless of the election results.

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.

NVIDIA’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 0.7% over the last 60 days. Currently, NVIDIA has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.