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Coinbase (COIN) Up By 250% - Here’s Why It's Outperforming BTC And ETH
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Coinbase (COIN) Up By 250% – Here’s Why It’s Outperforming BTC And ETH

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Coinbase

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The shares of Coinbase Global (COIN) have been on a tear in recent weeks, emphasizing its positive performance in 2023. While the recent resurgence experienced by the exchange’s shares coincides with the climate shift in the general cryptocurrency market, the latest price data reveals that COIN might actually be doing better than the market leaders, Bitcoin and Ethereum, since the turn of the year.

Here’s Why Coinbase (COIN) Is Up By 250% In 2023

A recent report by crypto intelligence platform IntoTheBlock has revealed that COIN is amongst the crypto-related stocks enjoying the overall positive trend in the cryptocurrency space. This positive momentum recently pushed the price of the Nasdaq-listed Coinbase stock to an 18-month high of around $115.

$COIN is up by approximately 250% this year, outpacing Bitcoin and Ether's growth of 130% and 75%, respectively. One key factor driving Coinbase's valuation is its trading volumes, with Q4 volumes already surpassing their figures for the last quarter with one month to go pic.twitter.com/71yl38jyeK

— IntoTheBlock (@intotheblock) December 1, 2023

According to data from IntoTheBlock, the COIN shares have surged in value by more than 60% in the past three months. A look at the broader price chart shows that the stock has increased by approximately 250% year-to-date (YTD), outperforming Bitcoin’s and Ether’s YTD upswing of 130% and 75%, respectively.

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Ethereum Price Prediction: Crypto Analysts Reveal Catalyst That Will Drive Price Above $3,500

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In their report, the crypto analytics firm highlighted that one of the crucial factors behind Coinbase’s increasing valuation is likely to be its trading volumes. Notably, the company’s trading volumes in the fourth quarter have already surpassed the figures recorded in the third quarter, even though there is still December to go in the current quarter.

Additionally, IntoTheBlock cited the recovering market cap of the USDC stablecoin as one of the potential factors driving Coinbase’s valuation. The continued adoption of Coinbase-incubated Ethereum layer 2 network Base was also mentioned as another possible reason behind the resurgent COIN price.

Meanwhile, Binance’s troubles in the United States have also somewhat benefited its biggest competitor, Coinbase. Last week, the world’s largest exchange admitted to being guilty of violating anti-money laundering policies in the US, leading to the payment of $4.3 billion in fines and the resignation of founder Changpeng (CZ) Zhao.

As of the close of trading on Friday, December 1, the price of COIN stood at $133.76, marking a 7.25% increase in a single day.

Bitcoin And Ethereum Price

According to CoinGecko data, the prices of Bitcoin and Ethereum currently stand at $38,744 and $2,090, respectively. Ether has not witnessed any significant changes in price over the past week, while Bitcoin swelled by more than 2.5% in the last seven days.

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Bitcoin’s Bullish Surge Ahead: Deribit Predicts Major Price Leap In Early 2024

1 year ago

With market caps of $757 billion and $250 billion, Bitcoin and Ethereum continue to maintain their positions as the largest cryptocurrencies in the market.

YEKEEN

Coinbase (COIN) price continues to rally higher on daily timeframe | Source: COIN chart on TradingView
Featured image from Shutterstock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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