The Rapid Rise of Bitcoin Spurs Interest in Crypto Stocks
With the surge in Bitcoin’s price, investors are turning their attention to crypto stocks. Companies like Coinbase Global, Inc. ($COIN), PayPal ($PYPL), MicroStrategy ($MSTR), and Robinhood ($HOOD) have seen a strong resurgence along with the bullish outlook in the crypto market.
Last week, Coinbase’s stock rallied to $143 in pre-market trading, driven by optimism surrounding the potential approval of multiple Bitcoin exchange-traded funds (ETFs).
The price of Bitcoin has increased by 55% since October 1, indicating a bullish trend ahead of an anticipated larger rally with the ETF approval and the halving in April 2024.
This presents a unique opportunity for investors to ride the trend and potentially reach new all-time highs. The previous bull run saw Bitcoin almost reach $70,000, and the next rally is expected to push it above $100,000.
Consider Crypto Stocks as an Alternative Investment
If you’re not interested in direct exposure to the volatile crypto market, investing in crypto stocks can be a viable alternative. Here are some of the best crypto stocks to consider buying in December:
Coinbase ($COIN)
Coinbase is a leading crypto exchange in the United States and globally. Its strict listing rules have earned it customer trust and loyalty over the years. Additionally, Coinbase is a sought-after custody services provider for institutional investors.
Due to its prominent position in the industry, Coinbase has been chosen as the dedicated custody services provider for nine out of twelve companies applying to operate Bitcoin spot ETFs.
Although Coinbase’s stock is currently trading below its all-time high, its industry leadership positions it for potential outperformance. As a result, $COIN is a top choice for crypto stocks in December.
Robinhood ($HOOD)
Robinhood is a leading stocks and crypto trading platform that offers commission-free trading services. While primarily based in the US, the company has plans to expand to the United Kingdom.
Similar to Coinbase, Robinhood has experienced a recovery, with its stock climbing from November lows. It also saw a 2% surge on Monday due to the rally in Bitcoin’s price.
If the bullish trend in the crypto market continues into the new year, Robinhood could make a comeback to its all-time high. Investing in $HOOD through dollar-cost averaging (DCA) can be profitable in both the short and long term.
MicroStrategy ($MSTR)
MicroStrategy is one of the largest holders of Bitcoin, making it a leading player in the crypto industry. The company’s commitment to Bitcoin underscores the potential of the crypto market.
$MSTR has been on an upward trajectory since January, currently trading at $559. Its consistent growth makes it an attractive option for investors looking to include crypto stocks in their portfolio.
Conclusion: Crypto Stocks for December
While there are various crypto stocks to consider, Coinbase ($COIN), Robinhood ($HOOD), and MicroStrategy ($MSTR) stand out as top picks for December. These companies’ positions in the industry and their growth potential make them attractive investments as Bitcoin’s price continues to rise.
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Hot Take: The Rise of Crypto Stocks Amidst Bitcoin’s Surge
The exponential growth of Bitcoin has led to a renewed interest in crypto stocks. Companies like Coinbase, Robinhood, and MicroStrategy have experienced significant recoveries and are poised for further success as the crypto market continues to thrive. With the potential approval of Bitcoin ETFs and the upcoming halving in 2024, investors see this as an opportune time to invest in these crypto stocks. By diversifying your portfolio with these industry-leading companies, you can capitalize on the bullish trend in the crypto market and potentially achieve substantial gains in the coming months.
Gapster Innes emerges as a visionary adeptly blending the roles of crypto analyst, dedicated researcher, and editorial maestro into an intricate tapestry of insight. Amidst the dynamic world of digital currencies, Gapster’s insights resonate like finely tuned harmonies, captivating curious minds from various corners. His talent for unraveling intricate threads of crypto intricacies melds seamlessly with his editorial finesse, transforming complexity into an eloquent symphony of comprehension.