• Bitcoin reached new record highs on Wednesday, passing $97,000 for the first time.

• Bitcoin-related stocks such as NVDA, BLK, CME and ACN look poised for strong growth in the near term.

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The cryptocurrency market has been on a rally, with Bitcoin (BTC) setting multiple new records since Donald Trump’s victory in the U.S. presidential election. On Wednesday, Bitcoin surpassed $97,000 for the first time, touching a high of $97,628.

Market experts had predicted Bitcoin would surpass $80,000 by the end of November after the cryptocurrency retreated in the second and third quarters of 2024 from its previous all-time high of $73,770 attained in March. However, Bitcoin has surpassed expectations in the past few weeks and is now on track to hit $100,000 anytime, fueled by hopes of a friendlier regulatory approach under Trump’s regime.

Given the positive outlook, investing in Bitcoin-centric stocks like NVIDIA Corporation NVDA, BlackRock, Inc. BLK, CME Group Inc. CME and Accenture plc ACN, which have strong growth potential for the near term, would be a prudent choice. Each of these stocks has seen positive earnings estimate revision in the past 60 days and carries a Zacks Rank #1 (Strong Buy) and 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Bitcoin rally, which started after the Federal Reserve announced a 50-basis point rate cut in September, its first since March 2020, was fueled by Trump’s landslide victory in the U.S. Presidential election.

Bitcoin’s price has more than doubled in 2024, and in the past two weeks since Trump’s win, the cryptocurrency has rallied more than 40%. Over $4 billion has since flown into U.S.-listed Bitcoin ETFs.

During his campaign, Trump vowed to make the United States the “crypto capital of the planet,” including the creation of a strategic Bitcoin reserve and appointing regulators who support digital assets. This optimistic outlook is currently driving Bitcoin's rise.

Also, the Federal Reserve lowered interest rates by 25 basis points a day after Trump won the election week, marking its second consecutive rate cut in three months, which is being seen as a positive sign for the crypto market.

NVIDIA Corporation is a major player in the semiconductor industry and has been one of the standout success stories of 2023. As a leading designer of graphic processing units (GPUs), the value of the NVDA stock tends to surge in a thriving crypto market. This is primarily due to the crucial role that GPUs play in data centers, artificial intelligence, and the mining or production of cryptocurrencies.