Why Coinbase Stock Jumped 43% Last Year
Shares of cryptocurrency company Coinbase Global (NASDAQ: COIN) jumped 42.8% in 2024, according to data provided by S&P Global Market Intelligence. The cryptocurrency space came roaring back to life throughout the year. And given that Coinbase is a leading cryptocurrency infrastructure company, it's not surprising to see it enjoy big gains.
The obvious catalyst for Coinbase were the big gains from Bitcoin (CRYPTO: BTC), the largest cryptocurrency in the world. Bitcoin's price increased by 119% last year. And whenever this happens, it fuels massive interest for the space generally, which is a tailwind for Coinbase.
The less obvious tailwind for Coinbase was the adoption trend for USD Coin (CRYPTO: USDC). It's a stablecoin, and its price consequently shouldn't change. By contrast, its market capitalization does go up, and it highlights adoption trends.
Source Fool.com
Coinbase Global Inc. Stock
Currently there is a rather positive sentiment for Coinbase Global Inc. with 51 Buy predictions and 5 Sell predictions.
With a target price of 318 € there is a hugely positive potential of 60.12% for Coinbase Global Inc. compared to the current price of 198.6 €.
