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The cryptocurrency market has been on a roller coaster ride for the past year, thanks to high volatility in the most popular digital currency bitcoin (BTC) which holds a dominant position in terms of market capital.

According to CoinGecko data, the global cryptocurrency market capital stands at $1.22 trillion as of today, reflecting a year-over-year fall of 46.7%. Bitcoins market cap stands at $544 billion, accounting for 44.7% of the total crypto market cap.

The sluggish performance of ProShares Bitcoin Strategy ETF (BITO) also reflects weakness in the crypto space. In the past year, BITO has lost 39.1%.

The massive decline in the major indexes of the U.S. equity market, which has been suffering from the Federal Reserves aggressive stance to cut down the inflation rate through continued interest rate hikes, remains the prime reason behind the topsy-turvy crypto market.

The Fed raised the benchmark interest rate again by 25 basis points to 4.75-5% in the March FOMC meeting. Chairman Jerome Powell said that the higher interest regime would continue for a longer period in his testimony before the U.S. Congress. Several Fed officials estimated that the terminal interest rate should be 5.375% or more at the end of 2023.

Apart from the interest rate hikes, the crash of the crypto exchange FTX is a significant reason behind the downturn in the crypto market.

Although some signs of improvement are visible from the latest rebound in BTC, rising interest rates and tighter monetary policy continue to ignite uncertainties in the crypto space.

Against this backdrop, we advise investors looking for good investment opportunities to park their money in high-quality tech stocks.

The growing proliferation of advanced technologies like AI, Machine Learning (ML), Internet of Things (IoT), blockchain and augmented reality/virtual reality (AR/VR) is constantly boosting the prospects of the technology sector.

The rapid adoption of cloud computing platforms is another positive. Rising 5G deployment, along with solid uptake of autonomous vehicles, cyber security solutions, wearables, voice assistants and other connected devices, are encouraging for the stocks offering products powered by the above-mentioned technologies.

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Given the upbeat scenario, we have selected five technology stocks (market cap greater than $20 billion) that are well-poised to grow through the rest of 2023, as these are highly reputed, fundamentally strong and financially resilient.

Apart from having solid fundamentals, the stocks have a favorable combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or #2 (Buy). You can see the complete list of todays Zacks #1 Rank stocks here.

Per Zacks proprietary methodology, stocks with such a favorable combination offer solid investment opportunities.

Broadcom AVGO is benefiting from strength in networking and server storage. Substantial content increases at cloud and enterprise customers, which are aiding its storage connectivity business, are other positives. Solid growth from the deployment of Tomahawk 4 for data center switching at hyper-scale customers is noteworthy.

Upgrades of edge and core routing networks with Broadcoms next-generation Jericho portfolio at cloud and service providers are contributing well. The companys growing prospects from its strategic deals are other tailwinds. Its VMware acquisition will likely boost prospects in the long run. Its tie-up with Tencent to accelerate the adoption of high bandwidth co-packaged optics network switches for cloud infrastructure is another positive.

AVGO currently has a Zacks Rank #2 and a Growth Score of B. It has a market capitalization of $267.47 billion. The Zacks Consensus Estimate for Broadcoms fiscal 2023 earnings has improved 2.6% to $41.38 per share in the past 60 days.

Broadcom Inc. Price and Consensus

Broadcom Inc. price-consensus-chart | Broadcom Inc. Quote

Adobe ADBE is benefiting from strong demand for its creative products. Solid momentum across the companys Creative Cloud, Document Cloud and Adobe Experience Cloud is a major positive. Growth in emerging markets, robust online video creation demand, strong Acrobat adoption and improving average revenue per user are other tailwinds.

The growing adoption of Premiere Pro, solid momentum across the Adobe Express platform, and benefits from the Frame.io acquisition are contributing well. Rising demand for professional service and the solid uptake of Adobe Experience Manager are other positives.

ADBE currently has a Zacks Rank #2 and a Growth Score of B. It has a market capitalization of $176.72 billion. The Zacks Consensus Estimate for Adobes fiscal 2023 earnings has improved 1.2% to $15.40 per share in the past 60 days.

Adobe Inc. Price and Consensus

Adobe Inc. price-consensus-chart | Adobe Inc. Quote

Analog Devices ADI is riding on a growing presence across communication, consumer, industrial and automotive end markets. Solid demand for high-performance analog and mixed-signal solutions remains a tailwind.

Strong momentum across the electric vehicle space on the back of robust Battery Management System solutions is a positive. Growing power design wins are other positives.

ADI currently has a Zacks Rank #2 and a Growth Score of B. It has a market capitalization of $99.76 billion. The Zacks Consensus Estimate for Analog Devices fiscal 2023 earnings has improved 9.2% to $10.60 per share in the past 60 days.

Analog Devices, Inc. Price and Consensus

Analog Devices, Inc. price-consensus-chart | Analog Devices, Inc. Quote

Fortinet FTNT has been benefiting from the rising demand for security and networking products amid the growing hybrid working trend. It has also been gaining from robust growth in Fortinet Security Fabric, cloud and Software-defined Wide Area Network offerings.

Increasing IT spending on cybersecurity is expected to help Fortinet grow faster than the security market. Its focus on enhancing the unified threat management portfolio through product development and acquisitions is another tailwind. Strong deal wins remain the companys key growth drivers.

FTNT currently has a Zacks Rank #2 and a Growth Score of A. It has a market capitalization of $52.11 billion. The Zacks Consensus Estimate for Fortinets 2023 earnings has improved 4.4% to $1.41 per share in the past 60 days.

Fortinet, Inc. Price and Consensus

Fortinet, Inc. price-consensus-chart | Fortinet, Inc. Quote

Mettler-Toledo MTD is benefiting from the solid momentum across the Laboratory, Food Retail and Industrial segments. The companys expanding presence across the pharmaceutical and life sciences markets is a major positive. MTDs robust automated chemistry solutions, which are aiding its momentum across the drug process development field, are contributing well to its top-line growth.

In addition, the companys portfolio strength, cost-cutting efforts, robust sales and marketing strategies, and margin and productivity initiatives are acting as tailwinds.

MTD currently has a Zacks Rank #2 and a Growth Score of A. It has a market capitalization of $33.77 billion. The Zacks Consensus Estimate for Mettler-Toledos 2023 earnings has improved 3.6% to $44.00 per share in the past 60 days.

Mettler-Toledo International, Inc. Price and Consensus

Mettler-Toledo International, Inc. price-consensus-chart | Mettler-Toledo International, Inc. Quote

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Avoid Cryptocurrency Downturn, Add These 5 Tech Stocks Instead - Yahoo Finance