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
Our community is currently high on Coinbase Global Inc. with 67 Buy predictions and 13 Sell predictions.
As a result the target price of 226 € shows a very positive potential of 78.35% compared to the current price of 126.72 € for Coinbase Global Inc..
