Bitcoin's Price Skyrocketed Above $45K. Time For Crypto Stocks To Shine!
Bitcoin (BTC), the world's largest cryptocurrency by market value, has pushed above the $45,000 mark for the first time since the day after the spot ETFs began trading on Jan. 11. At time of writing, BTC was higher by 1.57% over the past 24 hours to $45,294.08, modestly outperforming a 4.4% rise for the broader CoinDesk 20 Index.
"Breaking $45,000 allows early investors who piled on the bitcoin ETF to be almost in the money, if we continue this ascent we may even see some profit taken and could trigger a reversal where the $42,000/$40,000 level may be tested," said Laurent Ksiss, crypto ETP specialist at CEC Capital. The big move has pushed the world’s largest digital asset to its highest level since Jan this year.
ETF Hype Driving BTC
On 02 Jan, Cameron Winklevoss said “Bitcoin is already looking like it will be the best-performing asset of the year (same as last year).” Custodia Bank CEO Caitlin Long added, “Bitcoin is *already* the best-performing asset of 2024!” It appears that the momentum is still being driven by spot ETF hype.
Big volume day for $iShares Bitcoin Trust (IBIT.US)$ with $341.2 millions . Total volume over $1 billion for the group. We can see that $Grayscale Bitcoin Trust (GBTC.US)$ is also having significant volume traded.
FBTC have also traded with the 3rd highest volume.
Bitcoin Performance vs S&P 500
As we can see now, Bitcoin is performing much better than Ethereum, S&P 500, Dow Jones, US Dollar Index and Gold.
S&P 500 have briefly cross 5,000 last night, and Bitcoin is still continuing its fueled upside move. I foresee $50,000 is in sight.
Crypto Stocks To Look At
Based on the top performers of crypto stocks after we see Bitcoin go above $45,000, here are some of the top winners.
Look at Iris Energy (IREN) if you are looking for under $10 crypto stock, this stock have the potential of going even higher as for them, cost of producing one Bitcoin is cost effective.
$MARA Holdings (MARA.US)$ have beginning to reap the benefit after they increase their mining farm capacity, They should have mined quite a significant amount of Bitcoin when Bitcoin is trending lower. This might be time to cash in, we will wait and see how their February mining operation looks like.
MicroStrategy (MSTR) is not reducing their Bitcoin holdings much, so this is time for this stock to shine, and with their positive earnings, this is one stock you can look at if you are comfortable with above $500 mining stocks.
Summary
Overall, I would think this is time to look at crypto stocks seriously as we are less than 3 months to the halving events, we could see Bitcoin trying for $50,000 then, and we should take advantage of this upside.
Appreciate if you could share your thoughts in the comment section whether you think Bitcoin can continue the rally to $50,000.
Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Use A.I. to pick stocks.
Find me in YouTube handle nerdbull1669
1524Followers
224Following
2535Visitors
Follow
Exclusiveness : lets congratulate all the professional developers who all worked hard a lot to bring back what almost got lost in the market. 1 "beginner" VS 1000 "Professional developers". great job. good thing you still have your certificates or maybe its.time to renew your academic too.