The rapid rise in the price of Bitcoin (BTC) is leading investors to opt for cryptocurrency stocks. Since November, shares of companies with ties to digital assets, for example, Coinbase Global, Inc. ($COIN), PayPal ($PYPL), MicroStrategy ($MSTR), Robinhood ($HOOD), CME Group and more have registered a strong comeback along with the bullish outlook in the crypto market.
As previously reported, Coinbase continued last week’s rally during pre-market trading on Monday to $143, thanks to optimism surrounding the potential approval of multiple spot contracts. Bitcoin Exchange Traded Funds (ETFs).
Bitcoin price is up 55% since October 1, underscoring the bullish structure forming ahead of a larger rally expected with ETF approval and halving in April 2024.
Investors see this period as a unique opportunity to take advantage of the trend and possibly reach a new all-time high. Bitcoin nearly touched $70,000 in the previous bull run in 2021 and the next rally is expected to take the prominent cryptocurrency to highs above $100,000.
As most investors reserve positions in Bitcoin and other cryptocurrencies, those who are not interested in seeking direct exposure to the volatile cryptocurrency market can consider cryptocurrency stocks. This article will shed light on some of the best cryptocurrency stocks to buy in December in preparation for a bullish 2024.
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Coinbase ($CURRENCY)
Coinbase’s position in the cryptocurrency market as a leading cryptocurrency exchange in the United States and equally competitive globally sets it apart from other cryptocurrency stocks.
The company’s strict listing rules have built customer trust and loyalty over the years. Additionally, Coinbase is among the most sought-after custodian service providers, with institutional-grade technologies and infrastructure.
Due to Coinbase’s leading role in the industry, nine of the 12 companies that applied to operate Bitcoin spot ETFs, including BlackRock, have hired the company as an exclusive custodian services provider.
Coinbase stock, although trading below half of its all-time high of $342, has the potential to outperform its peers, primarily due to its position in the industry. For this reason, $COIN tops the list of must-see crypto stocks in December.
Coinbase ($CURRENCY) | Yahoo Finance
Robinhood ($BELL)
Robinhood ($HOOD), a leading stock and cryptocurrency trading platform, is also highlighted as a must-have for your portfolio this December. The company offers financial services by allowing investors to access commission-free stock trading, among other services such as options, cryptocurrencies, and ETFs.
Although Robinhood is headquartered in the US, it has been making plans to expand to the UK.
Like Coinbase, $HOOD has been on a recovery path, rising from November lows of $7.93 to the current market value of $9.51. $HOOD rose an additional 2% on Monday, boosted by a Bitcoin price rally above $42,000.
Robinhood ($BELL) | Yahoo Finance
If the bullish structure in the cryptocurrency market holds into the new year, Robinhood could be on the fast lane toward a targeted return to its all-time high around $55. Dollar cost averaging (DCA) on $HOOD could prove profitable in the short and long term.
Microstrategy ($MSTR)
As the largest holder of Bitcoin, MicroStrategy ($MSTR) is one of the top cryptocurrency stocks that should not be missing from your portfolio this December. The company’s commitment to bitcoin emphasizes the potential of the crypto industry.
Up 6.11% on the day, $MSTR is trading at $559. The stock has continued to maintain an upward trajectory since January, when it was trading at $145.
Microstrategy ($MSTR)
Although there are many cryptocurrencies to consider when building a portfolio, Coinbase ($COIN), Robinhood ($HOOD), and MicroStrategy ($MSTR) are among the best options for December.
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