Down 46% From Its All-Time High, Is It Time to Buy Coinbase Stock?
The roller coaster continues for (NASDAQ: COIN). After its shares tanked 86% in 2022, they skyrocketed 391% last year. And the business just reported fourth-quarter 2023 results that were incredibly well-received by the market, sending its shares even higher in 2024.
Despite its remarkable comeback, this top crypto stock remains 46% off its all-time high (as of Feb. 16). Does this mean it's a good idea to buy the dip?
Rising interest rates and macro uncertainty in 2022 crushed the cryptocurrency market, which lost about two-thirds of its value that year. But 2023 was a bounce-back period, as the industry gained about $800 billion in value, good for a doubling. The momentum has continued into 2024. Perhaps the so-called crypto winter has changed seasons to become crypto summer.
Source Fool.com
Coinbase Global Inc. Stock
Our community is currently high on Coinbase Global Inc. with 30 Buy predictions and 16 Sell predictions.
However, we have a potential of -44.3% for Coinbase Global Inc. as the target price of 125 € is below the current price of 224.4 €.
