3 Crypto Stocks to Watch Closely for Bitcoin's Bullish Run

The price of Bitcoin BTC/USD gained momentum in 2021 due to institutional adoption but took a beating in 2022 amid regulatory and environmental issues. However, Bitcoin had a prodigious 2023, with the price of the flagship cryptocurrency surging 157%. The bullish momentum continued in 2024, with Bitcoin's price scaling past the $60,000 mark in early March and soaring above the $71,000 threshold in early May 21.

The Federal Reserve official's recent concerns about price pressures, with many remaining hesitant to trim interest rates soon, regrettably, dampened the price of Bitcoin on May 22. Bitcoin is trading slightly above the $69,000 mark, but crypto market aficionados expect the bullish run to continue as long as the price doesn't breach this level.

The price of Bitcoin has already soared more than 50% so far this year, easily surpassing equities and bonds. And the upward trajectory is poised to last mostly due to the regulatory approval of 10 spot Bitcoin ETFs in January. Morningstar Direct confirmed that the 10 spot Bitcoin ETFs witnessed a net inflow of $7 billion through the end of February.

Thanks to the regulatory approvals, retail and institutional investors have gained exposure to the world's numero uno cryptocurrency through brokerage accounts. This has legitimized Bitcoin's status as a credible asset class, which should help its price scale upward in the near future. The likelihood of spot Ether ETH/USD ETF is also expected to drive Bitcoin's rally. The SEC has asked the exchanges aiming to list ether ETFs to update their 19b-4 filings.

Moreover, strong bipartisan support has recently helped the House of Representatives pass a landmark crypto bill. Almost all the Republicans and 71 Democrats voted in favor of the crypto legislation, a tell-tale sign that Washington has faith in the trustworthiness of the digital asset sector. The shifting stance of the Biden administration no doubt bodes well for the price of Bitcoin and other digital coins.

Thus, with things looking hunky-dory for Bitcoin, astute investors should keep an eye on stocks that can make the most the Bitcoin's relentless bullish run. Some of the notable names are Block, Inc. SQ, Coinbase Global, Inc. COIN and NVIDIA Corporation NVDA.

Digital payment company Block generates revenues from products like Cash App. In this platform, Bitcoin is purchased and sold. Block can increase its customer base substantially and boost profit margins. Block currently has a Zacks Rank #3 (Hold).

The Zacks Consensus Estimate for Block's current-year earnings has increased by 2% over the past 60 days. Block's expected earnings growth rate for the current year is 73.9%. Its estimated revenue growth rate for the current year is 15.1%.

Coinbase is a crypto trading platform where several digital assets, including Bitcoin, are traded. Coinbase currently has a Zacks Rank #1.

The Zacks Consensus Estimate for Coinbase's current-year earnings has increased by 357.3% over the past 60 days. Coinbase's expected earnings growth rate for the current year is 1,840.5%. Its estimated revenue growth rate for the current year is 83.5%.

Semiconductor giant NVIDIA is designing GPUs for mining cryptos such as Bitcoin. NVIDIA recently reported first-quarter earnings results, ending on Apr 28, 2024, which shattered Wall Street expectations. NVIDIA currently has a Zacks Rank #1.

The Zacks Consensus Estimate for NVIDIA's current-year earnings has increased by 2.5% over the past 60 days. NVIDIA's expected earnings growth rate for the current year is 89.2%. Its estimated revenue growth rate for the current year is 77.7%.

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