Shares of Coinbase Global (COIN) have been on a tear in recent weeks, highlighting positive performance in 2023. recent revival of the stock market’s shares Coinciding with the climate shift in the overall cryptocurrency market, the latest price data shows that COIN may be outperforming market leaders Bitcoin and Ethereum since the turn of the year.
This is why Coinbase (COIN) is up 250% in 2023
a recent report by crypto intelligence platform IntoTheBlock has revealed that COIN is among the crypto-related stocks benefiting from the overall positive trend in the cryptocurrency space. This positive momentum recently pushed the Nasdaq-listed Coinbase share price to an 18-month high of around $115.
$COIN is up about 250% this year, surpassing the 130% and 75% growth for Bitcoin and Ether respectively. A key factor driving Coinbase’s valuation is its trading volumes, with Q4 volumes already surpassing their last quarter figures with a month to go pic.twitter.com/71yl38jyeK
— IntoTheBlock (@intotheblock) December 1, 2023
According to data from IntoTheBlock, COIN shares have increased in value by more than 60% in the past three months. A look at the broader price chart shows that the stock is up about 250% year-to-date (YTD), outperforming Bitcoin and Ether’s YTD rebound of 130% and 75%, respectively.
In their report, the crypto analytics firm highlighted that one of the crucial factors behind Coinbase’s rising valuation is likely trading volumes. Notably, the company’s trading volumes in the fourth quarter have already surpassed the third quarter figures, even though there is still December to go in the current quarter.
Additionally, IntoTheBlock cited the USDC stablecoin’s recovering market cap as one of the potential drivers of Coinbase’s valuation. The continued adoption of Coinbase’s incubated Ethereum Layer 2 network Base was also cited 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 violating US anti-money laundering policies, leading to the payment of $4.3 billion in fines and the resignation of founder Changpeng (CZ) Zhao.
At the close of trading on Friday, December 1, COIN was trading at $133.76, up 7.25% in one day.
Bitcoin and Ethereum price
According to CoinGecko dataBitcoin and Ethereum prices are currently $38,744 and $2,090 respectively. Ether has not seen any significant price changes over the past week, while Bitcoin has risen more than 2.5% over the past seven days.
With market caps of $757 billion and $250 billion, Bitcoin and Ethereum continue to hold their positions as the largest cryptocurrencies on the market.
Coinbase (COIN) price continues to rally higher on daily timeframe | Source: COIN chart on TradingView
Featured image from Shutterstock, chart from TradingView