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The November rally continues for cryptocurrencies on the back of a spate of positive news. Bitcoin, particularly, has been on a dream run over the past three weeks after remaining rangebound over the past two-and-a-half months.
On Nov 17, both Bitcoin (BTC) and Ethereum (ETH) were traded above $37,000 and $2,000, respectively. The rally has primarily been fueled by renewed optimism among investors following news that the Securities and Exchange Commission (SEC) is almost set to approve a Bitcoin exchange-traded fund (ETF).
The anticipated approval of a Bitcoin ETF is poised to boost demand by offering traditional investors a means to access Bitcoin and other cryptocurrencies through conventional stock markets.
The move is expected to attract new investments to the crypto market, which could further boost overall demand for cryptocurrencies.
The positive news sent other major cryptocurrencies like Cardano (ADA), Dogecoin (DOGE) and BNB (BNB) on a rally.
In fact, Bitcoin, Ethereum, Cardano and Dogecoin have rallied 124.8%, 69.1%, 59% and 15.1%, year to date, respectively,
Cryptocurrencies rallied in the first seven months of the year as they staged a solid rebound from last year’s lows. The rally stalled in August as investors failed to get a clear picture of the Federal Reserve’s next course of action with interest rate hikes.
Higher interest rates typically exert a negative impact on growth-oriented sectors, including technology, consumer discretionary industries, and cryptocurrencies.
However, investors’ mood has perked up once again as they expect the Fed to soon end its monetary tightening campaign as inflation has been declining sharply over the past few months.
NVIDIA Corporation (NVDA – Free Report) 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 226.1%. The Zacks Consensus Estimate for current-year earnings has improved 2.1% over the last 60 days. NVIDIA currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Interactive Brokers Group, Inc. (IBKR – Free Report) 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 41.7% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 2.3% over the last 60 days. IBKR currently has a Zacks Rank #2 (Buy).
Coinbase Global, Inc. (COIN – Free Report) offers financial infrastructure and technology to support the global cryptocurrency economy. COIN provides a main financial account for consumers in the crypto space, a marketplace with liquidity for institutional crypto asset transactions, and technology and services for developers to build crypto-based applications and accept cryptocurrencies securely as payment.
Coinbase Global’s expected earnings growth rate for the current year is 91.7%. The Zacks Consensus Estimate for current-year earnings has improved 45.6% over the last 60 days. Coinbase currently carries a Zacks Rank #2.
Interactive Brokers Group, Inc. (IBKR) – free report >>
NVIDIA Corporation (NVDA) – free report >>
Coinbase Global, Inc. (COIN) – free report >>
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