From Nasdaq Inc.:

The cryptocurrency market had a strong 2023, with Bitcoin hitting an all-time high of $73,083 on Mar 13. However, it has since dropped by over 10% to $67,304. Analysts attribute this to profit booking and inflation data, but with Bitcoin still up 59% this year, the decline is seen as temporary.

The recent approval of 11 spot Bitcoin ETFs by the SEC in January signals integration of cryptocurrencies into mainstream finance, boosting the sector’s future prospects. The upcoming Bitcoin halving event in April historically prompts scarcity, which can increase Bitcoin’s value. Economists predict further growth, with Standard Chartered expecting Bitcoin to hit $100,000 by 2024.

Four crypto-oriented stocks with potential for 2024 include NVIDIA, CleanSpark, Coinbase, and Robinhood Markets. NVIDIA, a major player in semiconductors, expects an 81.3% earnings growth rate this year. CleanSpark, a bitcoin miner, has an expected 89.2% earnings growth rate. Coinbase offers financial services in the crypto space, and Robinhood allows investments in cryptocurrencies. Each stock has a Zacks Rank of either #1, #2, or #3.

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Read more at Nasdaq Inc.: 4 Stocks to Gain From the Ongoing Bitcoin Rally