It’s been a wild year for cryptocurrency, and with 2024 just over a day and a half old, it’s looking like 2024 will be no more restrained. Indeed, Bitcoin (BTC-USD), commonly regarded as the bellwether for cryptocurrency in general, just managed to clear a level not seen in almost two years.
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Bitcoin managed to clear the $45,000 mark, a level that it hadn’t seen since April 2022. The reason? Growing investor confidence behind the concept of a Bitcoin exchange-traded fund (ETF) that should be established soon, now that the Securities and Exchange Commission (SEC) has been muzzled by the courts, which kept shutting the whole thing down before it could even start. Not only did Bitcoin manage to pass $45,000 per coin, but it managed to do so handily, nearly reaching $46,000 before retreating from those new highs.
Going For the Repeat Win
Bitcoin had an excellent 2023 as it was, with its price going up around 156% by the time it was all said and done. Not only is the word of a new ETF catching investors’ imaginations, but the potential for several rate cuts to come is also driving hopes that new investment will flood in. Especially if the rate cuts mean that credit is more readily accessed, which could mean more borrowed cash flooding into the Bitcoin ETFs. The move also did good things for certain Bitcoin stocks; Microstrategy (NASDAQ:MSTR) was up over 11.5% at one point in Tuesday afternoon’s trading, while Grayscale Bitcoin (NASDAQ:GBTC) was up over 8%.
Which Bitcoin Stocks are a Good Buy Right Now?
Turning to Wall Street, RIOT stock (NASDAQ:RIOT), a Strong Buy, is offering the lead in upside potential right now, with its average price target of $17.79, offering investors an 11.4% upside potential. Meanwhile, MARA stock (NASDAQ:MARA), rated a Hold, offers a distressing 38.8% downside risk with its $14.58 average price target.
