Riding the Bull: Top Stocks, ETFs and Cryptocurrencies from H1 2024
The onset of the AI era has pushed the financial markets to record heights in 2024
- Since October, the S&P 500 has rallied by nearly 40%, while the Nasdaq Composite is up an astounding 63%.
- The recent bull run has been concentrated in large-cap technology companies with heavy exposure to the burgeoning AI sector.
- However, bullish sentiment has also permeated a diverse cross-section of single stocks, ETFs and cryptocurrencies.
The bull run that began in October has been remarkable, driving the major equity indices to record heights in 2024. Naturally, this surge in bullish sentiment has ignited impressive gains across a diverse array of asset classes.
In single stocks, the technology companies with stakes in the burgeoning AI sector have continued to surge, riding the wave of innovation and investor enthusiasm. Mid-cap stocks, particularly in the pharmaceuticals and biotechnology sectors, have also experienced significant gains.
These trends have, of course, carried over into exchange-traded funds (ETFs). Tech-focused ETFs, especially those with substantial exposure to AI chips, have largely dominated, showcasing the market’s seemingly insatiable appetite for exposure to this revolutionary technology.
Similarly, the strength in the cryptocurrency market in 2023 has continued into 2024, with leaders like Bitcoin and Ethereum pushing crypto into mainstream investment portfolios. This momentum underscores a broader shift toward innovative and disruptive technologies, as investors seek to capitalize on high-growth opportunities.
Let’s take a closer look at the first-half winners in single stocks, ETFs and cryptocurrency, based on market data as of July 5, 2024.
Top-Performing Single Stocks 2024 (market cap, between $2 billion and $10 billion)
- Oliveda (OLVI) +2,800%
- Avidity Biosciences (RNA) +325%
- NuScale Power (SMR) +290%
- Viking Therapeutics (VKTX) +180%
- Summit Therapeutics (SMMT) +170%
- Fujikura (FKURF) +163%
- Dyne Therapeutics (DYN) +163%
- Zealand Pharma (ZLDPF) +160%
- ADMA Biologics (ADMA) +152%
- Sweetgreen (SG) +150%
Top-Performing Single Stocks (market cap, greater than $10 billion)
- Super Micro Computer (SMCI) +197%
- Arm Holdings (ARM) +163%
- Carvana (CVNA) +162%
- Nvidia (NVDA) +160%
- Vistra (VST) +135%
- FTAI Aviation (FTAI) +133%
- CAVA Group (CAVA) +132%
- Applovin (APP) +124%
- Siemens Energy (SMNEY) +120%
- Mitsubishi Heavy Industries (MHVYF) +119%
- Asics (ASCCF) +95%
Top-Performing ETFs
- VanEck Semiconductor ETF (SMH) +59%
- Roundhill Magnificent Seven ETF (MAGS) +49%
- AXS Esoterica NextG Economy ETF (WUGI) +44%
- First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) +41%
- Invesco PHLX Semiconductor ETF (SOXQ) +40%
- Invesco S&P 500 Momentum ETF (SPMO) +39%
- Direxion HCM Tactical Enhanced US ETF (HCMT) +37%
- Gabelli Growth Innovators ETF (GGRW) +37%
- iShares Semiconductor ETF (SOXX) +37%
- Grayscale Bitcoin Trust (GBTC) +36%
- iShares MSCI Turkey ETF (TUR) +32%
- WisdomTree Japan Hedged Equity Fund (DXJ) +31%
Cryptocurrencies have also been strong in 2024
Much like last year, cryptocurrencies exhibited strength for much of H1 2024. However, following Bitcoin’s recent “halving,” the world’s best-known cryptocurrency has experienced a slight pullback (illustrated below), which has weighed on returns across the sector over the past several weeks.
After peaking above $70,000 per coin earlier this year, Bitcoin has retraced to around $56,000 per coin as of July 5. Despite this correction, Bitcoin has still appreciated by approximately 28% year-to-date. Similarly, Ethereum has mirrored Bitcoin’s performance in 2024, appreciating by a comparable 27%.
Looking beyond those two crypto titans, numerous other digital coins also posted impressive gains during the first half of 2024, as highlighted below (market data as of July 5, 2024).
Top-Performing Cryptocurrencies (market cap, between $100 million and $10 billion)
- Popcat (POPCAT) +6,200%
- Badmad Robots (Metal) +4,200%
- Mog Coin (MOG) +3,500%
- Mantra (OM) +1,300%
- Arcblock (ABT) +1,250%
- Turbo (TURBO) +1,200%
- Dogwifhat (WIF) +1,050%
- ApeX Protocol (APEX) +910%
- Aerodrome (AERO) +680%
- Pepe (PEPE) +590%
Top-Performing Cryptocurrencies (market cap, $10 billion and above)
- Toncoin (TON) +185%
- BNB (BNB) +59%
- Solana (SOL) +34%
- Lido Staked Ether (stETH) +31%
- Bitcoin (BTC) +28%
- Ethereum (ETH) +27%
- Tron (TRX) +20%
- Dogecoin (DOGE) +19%
Andrew Prochnow has more than 15 years of experience trading the global financial markets, including 10 years as a professional options trader. Andrew is a frequent contributor of Luckbox Magazine.
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