From Nasdaq:

Bitcoin’s price soared 157% in 2023 and is expected to continue rising in 2024. It surpassed $45,000 for the first time since April 2022, and is still 30% below its 2021 record high. Analysts project a year-end price of around $80,000 and anticipate $5 billion in inflows in the first half of 2024 (source: Zacks).

The price is driven by excitement around the first Bitcoin ETF, with the application expected to be approved soon. This could improve retail participation and lead to institutional backing, as well as projected $10 billion in flows in the latter half of 2024. Improvements in the adoption of new products are expected with increased retail participation (source: Zacks).

Bitcoin is expected to continue rising due to the upcoming halving event and the Federal Reserve’s plan to keep interest rates unchanged and project rate cuts in 2024. The event is anticipated to lower the supply of Bitcoin, possibly leading to an increase in price. It is suggested to invest in stocks that can capitalize on Bitcoin’s surge (source: Zacks)

Digital payments company, Block, has been doing well, driven by Cash App, where Bitcoin is bought and sold. Another prominent company is cryptocurrency exchange operator, Coinbase Global. Both companies have seen increased earnings growth estimates and are poised to benefit from Bitcoin’s rise (source: Zacks).

NVIDIA, a semiconductor company, is also set to benefit from Bitcoin’s surge as it has forayed into the crypto space and already launched a Cryptocurrency Mining Processor card. It has seen a notable increase in its current-year earnings growth rate estimate (source: Zacks).

Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028. Now could be the time to invest in semiconductor stocks poised to capitalize on this demand and growth (source: Zacks).



Read more: 3 Crypto Stocks to Buy as Bitcoin Climbs to Kick-Off 2024