From Nasdaq: 2024-05-17 13:51:00

Broad stock market indexes have hit new all-time highs, solidifying the current bull market. The recent ~6% pullback in the S&P 500 was quickly followed by a strong recovery to new highs, encouraging investors to take on more risk in their portfolios. Bitcoin has been closely correlated with US equities, showing a strong relationship, with the potential for gains of 3-5% for every 1% increase in stocks.

Coinbase Global (COIN) has become a popular way to gain exposure to the cryptocurrency trend, with strong earnings growth and a Zacks Rank #1 (Strong Buy) rating. The stock is displaying a bullish technical pattern that could signal a breakout if it trades above the $220 level. Cleanspark (CLSK) is another option for exposure to Bitcoin, with strong relative performance compared to other crypto miners and a Zacks Rank #2 (Buy) rating. The stock is showing a bullish technical pattern with a potential breakout level at $17.70.

For investors seeking direct exposure to Bitcoin through the stock market, the iShares Bitcoin Trust (IBIT) ETF provides a cost-effective option with considerable assets under management and lower fees compared to other Bitcoin ETFs like GBTC. With the recent upgrades in brokerage and mining stocks, along with bullish technical setups, now may be an opportune time to consider adding Bitcoin-related assets to portfolios.

Read more at Nasdaq: Bitcoin Breakout: 2 Top Ranked Stocks for the Next Leg Higher