January 8, 2024

6 Cryptocurrency stocks to keep an eye on in 2024

Table of content


    Cryptocurrencies and crypto assets have gained immense popularity over the past decade, and, in the last few years, even Institutions and Smart Money around the globe seem to have taken a keen interest. But, whilst many people buy and hold crypto assets as an investment and diversification, trading directly in the crypto market may not be everyone’s cup of tea. After all, the events of the last few years have taught us all that the entire crypto ecosystem can be highly volatile, highly unregulated, highly unpredictable, and, of course, highly risky.

    In this article, we’ll discuss the reasons why so many people expect a new “Crypto Summer” to occur in 2024 and we’ll find out what are 5 of the Cryptocurrency stocks that could benefit the most.

    Key Notes

    • Potential Catalysts for a 2024 Crypto Bull Run
    • Impact on Crypto Market and Stocks
    • Rationale Behind Selected Stocks
    • Strategy and Caution

    Here’s why a Crypto bull run in 2024 is a strong possibility

    There are different reasons why many Crypto assets experts are predicting a bull run this coming year. The most important is the convergence of three fundamental events occurring within the same year.

    The first one – and possibly the biggest in order of magnitude, is:

    The possibility of the FED pivoting on the interest rate

    Despite the American economy and labor market showing great resilience against the latest bout of FED’s quantitative tightening (QT), the drastic reduction in inflation has been enough to persuade the FED to refrain from further hikes since July 2023 and the market seems pretty confident that the FED might pivot as early as spring/summer 2024.

    Of course, nothing is ever certain in the financial markets but, if that were the case, an interest rate reduction, however small, would have an immediate impact on market sentiment and prices.
    A lighter debt burden and cheaper credit could also very possibly ignite the bulls in pretty much all markets – including crypto.

    The second fundamental event likely to occur in 2024 is:

    Black Rock’s Bitcoin ETF

    So far the SEC has only ever authorized the creation of crypto assets ETFs that track Future Contracts or the stocks of companies with an exposure to crypto assets – but it has never authorized a crypto spot crypto ETF. However, In a few months, the SEC is expected to express its judgment on Black Rock’s BTC spot ETF and, for some reason, some experts seem to be optimistic and think it might be finally given the go-ahead.

    In that case, the impact the SEC acceptance would have on the crypto market could be huge. Other than increasing enormously BTC buying pressure and price, Black Rock would help, at least in part, to legitimize crypto assets somewhat and help bring them closer to mainstream adoption.

    And the third relevant event due in 2024 is:

    The Bitcoin Halving

    Bitcoin halving is an event that occurs around every four years in the Bitcoin network. An automated process reduces the rewards given to Bitcoin miners by half. Its purpose is to control the rate at which new Bitcoin is mined and maintain scarcity. The result of course is an increase in price and perceived value. Since its creation in 2009, there have been four Bitcoin Halvings with the last two – in 2016 and 2020 – followed by what people call a Crypto Summer. Both times, Bitcoin’s price increased exponentially bringing the entire Crypto market “to the moon”  with it.

    The bitcoin halving
    Although the effects of the halvings on crypto-assets price is not always immediate,  it is considered by many to be the spark that can start it all.
    The next Bitcoin halving is expected to take place in mid-April 2024 making it the third of these three major events.

    The possibility of all three events occurring in 2024 (or even the expectation alone) and the potential impact that this might have on the crypto market could be behind the sudden uptrend and unbelievable gains that crypto assets have already been experiencing in the last few weeks.

    What does all this have to do with the stock market?
    Enter the Cryptocurrency Stocks.

    As many stock traders know, several publicly traded companies are deeply tied, in one way or another, to the crypto market.

    From companies involved in crypto brokerage or mining to those who manufacture or design tools and apps for the crypto ecosystem, they are all – at least in part – linked and exposed to the crypto market in one measure or another. These are often called “Cryptocurrency Stocks
    Cryptocurrency stocks offer traders the chance to trade in the environment most comfortable to them, in the safety of the most regulated market in the world whilst still gaining exposure to the crypto market.

    The beauty of this all is that, historically, Crypto Summers have been known to last several months virtually uninterrupted so…. If a Crypto Summer were to actually begin in 2024, it could well mean a long period of “just go long” and exponentially growing gains for cryptocurrency stocks too.

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    6 of the best cryptocurrency stocks that could take off during a crypto bull run

    Here are six stocks with the capacity to gain immensely from a Crypto bull run in 2024.
    Amongst others, these could gift Stock traders with a strong lasting bullish bias and potential double-digit percentage gains.
    During the last few weeks, helped by a new bullish trend in the crypto market, all of these stocks have already shown incredible gains.

    1. Coinbase Global Inc. (COIN)

      Coinbase runs one of the largest crypto exchanges in the U.S. It was the first crypto exchange to go public on Wall Street and it did so In April 2021 right in the middle of the last crypto bull run.
      As an exchange, Coinbase holds a vast quantity of crypto assets which, obviously would increase in value in the eventuality of a crypto bull run. Furthermore, whilst volume and number of transactions grow exponentially during bull runs, Coinbase would also earn a very healthy commission from every transaction made in its exchange.

    2. Nvidia Corp. (NVDA)

      Nvidia is arguably the best known for producing high-quality graphics cards for computer gaming and the huge part it played in the AI environment but recently, it has expanded its operations to also include cryptocurrency mining.

    3. MicroStrategy Inc. (MSTR)

      MicroStrategy is an analytics software company with a huge reserve of BTC which amounted to 158,245 last September.
      MicroStrategy’s stocks are a great way to gain exposure directly to Bitcoin without the need to buy any.

    4. Bloc Inc. (SQ)

      Bloc (ex Square) is a financial services and payment processing company. Many of its operations are related to both Bitcoin and blockchain technology in general. Blocalso runs Cash App which allows customers to invest in both stocks and BTC.
      In 2013, Bloc already owned BTC worth around 300 million at the time.

    5. PayPal Holding Inc. (PYPL)

      PayPal is a well-known technology company that has long been focused on digital payments — a key area of development in cryptocurrency. PayPal has added crypto payment and investing tools to its PayPal and Venmo apps in recent years.

    6. Hut 8 Mining (HUT)

      A well-known Bitcoin mining company, Hut 8 Mining has a large stake in the Bitcoin network and is one of the most popular landers of BTC which (compared to selling BTc), helps the company maximize profits with compounded returns.

    Cryptocurrency Stocks Conclusion

    Trading cryptocurrency stocks without buying or trading crypto directly could allow you to gain a share of the crazy returns Crypto Summers are known for whilst avoiding the risks associated with the unregulated crypto market.

    Naturally, there are many more cryptocurrency stocks with great potential. The important thing, as usual, is to do appropriate research and an accurate use of both technical and fundamental analysis tools.

    Traders, I hope this helps.

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