Top 4 Stable Stocks to Invest in While Bitcoin Achieves 2023’s Peak Price
Bitcoin Hits New High for 2023, Rebounding from Recent Dip
Bitcoin (BTC) managed to rebound from a recent dip and hit a new high for 2023 on November 24. This rally is the first time the cryptocurrency has traded past the $38,000 mark since May 2022.
Promising Year for Cryptocurrency Market
The cryptocurrency market has shown significant promise in 2023 after a disappointing year in 2022, with Bitcoin leading the way.
The world’s most prominent cryptocurrency hit the $38,000 mark for the first time in 2023 on Friday, showing strong performance and investor confidence.
Cryptocurrency Resurgence
Bitcoin finally settled just above $37,400. This recent rally marks the resurgence of cryptocurrencies, as not only Bitcoin but also other cryptocurrencies have made a solid turnaround this year.
Ethereum (ETH) closed above $2,070 on Friday and has surged 74.2% year to date, while Cardano (ADA) and Dogecoin (DOGE) have jumped 57.5% and 10.3%, respectively, year to date.
Factors Contributing to Cryptocurrency Rally
The rally in the cryptocurrency market has been driven by a variety of factors, one of the most significant being the resolution of legal issues faced by Binance.
Restored Confidence in the Market
Changpeng Zhao, the CEO of Binance, the world’s largest cryptocurrency exchange, has reportedly agreed to plead guilty to federal criminal charges. This resolution has restored confidence among investors, alleviating concerns about the exchange’s future and also helping the broader cryptocurrency market stabilize.
Path for Bitcoin ETF Approval Clear
Many in the market now believe that with the Binance investigation resolved, the path for a Bitcoin ETF approval will now be clear. Market participants believe that the approval of a Bitcoin ETF is likely to play a major catalyst in driving the cryptocurrency market to new highs.
Federal Reserve’s Stance
The Federal Reserve has maintained a hawkish approach, but the minutes of the November FOMC meeting suggest that officials are still open to more hikes.
However, investors are confident that the Federal Reserve will refrain from hiking interest rates in December as inflation declined further in October.
Cryptocurrency Stocks to Consider
As the cryptocurrency market continues to show strength, stock investors might want to consider adding those companies to their portfolios that are likely to benefit from the trend.
Coinbase Global, Inc. (COIN), Interactive Brokers Group, Inc. (IBKR), NVIDIA Corporation (NVDA), and Block Inc. (SQ) are some solid stock choices to consider.
Conclusion
A shift in market sentiment and the resolution of legal issues have contributed to the resurgence of the cryptocurrency market. With the year showing strong promise for cryptocurrencies, investors may want to consider adding stocks with exposure to the market to their portfolios.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
