Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
The Trump rally has benefited certain sectors more than others. One of the strongest sectors that benefited is materials and metals stocks.
CNBC's Dominic Chu explained that it's widely believed materials and metals stocks will benefit from President-elect Donald Trump's administration given his plans to invest $1 trillion in infrastructure projects over the coming years.
The strong investor sentiment is most apparent in the exchange traded fund which trackers the materials sector, the Materials Select Sector SPDR (NYSE: XLB) which is higher by more than 25 percent over the past year.
In fact, among the 25 members of the S&P 500 materials sector, nine of the stocks have rallied to the point where it's trading at least 10 percent above its 200-day average trading price.
Among the notables in Chu's list, the major gravel, stone and sand provider Martin Marietta Materials, Inc. (NYSE: MLM) is trading 15 percent above its 200-day moving average. In addition, steel company Nucor Corporation (NYSE: NUE) is trading around 17 percent above its 200-day moving average.
However, these returns are overshadowed by Freeport-McMoRan Inc (NYSE: FCX) which is trading at the biggest premium in its group to the 200-day average at 31 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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