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The cryptocurrency market has been on a rally this year, further accelerating over the past two months. Investors' sentiments are high on hopes that the Federal Reserve will soon end its monetary tightening campaign, which is expected to boost the cryptocurrency market further.

On Dec 26, Bitcoin (BTC), the worlds most prominent and popular cryptocurrency, rallied above $43,000 after hitting $44,000 earlier this month. Other major cryptocurrencies like Ethereum (ETH), Cardano (ADA) and Dogecoin (DOGE) have also been on a rally.

Year to date, Bitcoin, Ethereum, Cardano and Dogecoin have returned 157.2%, 86.5%, 146.7% and 31%, respectively.

This year has been full of positive news for the crypto market, although prices were rangebound for a couple of months as investors failed to gauge the Feds next move with its interest rates.

However, the Federal Reserve hasnt hiked interest rates in its past three policy meetings after raising rates by 525 basis points as inflation has shown signs of steep decline over the past year.

This has raised hopes that the Federal Reserve will soon end its interest rate hiking policy. The central bank has also hinted at multiple rate cuts in 2024, which could be as many as three.

Higher interest rates negatively impact growth-oriented sectors, which include technology, consumer discretionary industries and cryptocurrencies.

Besides, investors are confident about an imminent approval from the Securities and Exchange Commission (SEC) for a Bitcoin exchange-traded fund (ETF). The approval is expected to wield a substantial impact, bolstering the cryptocurrency market.

Coinbase Global, Inc. COIN offers financial infrastructure and technology to support the global cryptocurrency economy. COIN provides a main financial account for consumers in the crypto space, a marketplace with liquidity for institutional crypto asset transactions, and technology and services for developers to build crypto-based applications and accept cryptocurrencies securely as payment.

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Coinbase Globals expected earnings growth rate for next year is 30.5%. The Zacks Consensus Estimate for current-year earnings has improved 45.7% over the last 60 days. Coinbase currently carries a Zacks Rank #2 (Buy).

Block Inc.SQ is an online digital and mobile payment platform for consumers and merchants and is the parent company of Square and Cash App. The users of Cash App can buy, sell, send and receive Bitcoin. In addition, SQs decentralized tbd platform allows developers to build decentralized finance applications to run on programmable blockchains. SQ is also one of the largest Bitcoin investors.

Block has an expected earnings growth rate of 53.7% for next year. The Zacks Consensus Estimate for current-year earnings has improved 16.6% over the last 60 days. SQ currently carries a Zacks Rank #2.

NVIDIA Corporation NVDA 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.

NVIDIAs expected earnings growth rate for next year is 61.5%. The Zacks Consensus Estimate for current-year earnings has improved 14.4% over the last 60 days. Currently, NVIDIA has a Zacks Rank #2. You can seethe complete list of todays Zacks #1 Rank (Strong Buy) stocks here

Interactive Brokers Group, Inc. IBKR is a global automated electronic broker. IBKR executes, processes and trades in cryptocurrencies. IBKRs commodities futures trading desk also offers customers a chance to trade cryptocurrency futures.

Interactive Brokers Group has an expected earnings growth rate of 5.1% for next year. The Zacks Consensus Estimate for current-year earnings has improved 0.5% over the last 60 days. IBKR currently has a Zacks Rank #3 (Hold).

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Interactive Brokers Group, Inc. (IBKR) : Free Stock Analysis Report

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4 Stocks to Watch as Bitcoin Looks Poised for a 2024 Rally - Yahoo Finance