Coinbase Stock Gains 64.5% in One Week, Posts 3-Year High

Like the cryptocurrency market, Coinbase's stock has recorded significant performances on the stock market in recent days. With the 2nd best week in its history, the stock is now trading at a nearly 3-year high.

Coinbase climbs on the stock market amid rising cryptocurrencies

In the space of a week, we saw cryptocurrency prices soar. But this euphoria also manifests itself among trusted third parties in the ecosystem, like Coinbase whose action gained 64.5% on the stock market since the election of Donald Trump last Wednesday.

Over the last week alone, the stock increased by 50%, which represents the company's 2nd best week on the markets, after that of August 1 to 5, 2022. Thus, the stock returned to a high of almost 3 years to the day, and will still have to gain nearly 35% to find its all-time high at $429.54, reached on its first day of trading on NASDAQ on April 12, 2021:

Changes in Coinbase shares in weekly data

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With this performance, the company now reaches a market capitalization of nearly $80 billion, which positions it as the 132nd largest American capitalization.

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Towards an increase in general public adoption?

Beyond the stock market, we have also seen the exchange benefit from a surge in popularity. This results in particular in an entry into the top 20 most downloaded applications on the App Store in the United States. In , the application now ranks 11th in the finance category on the App Store, compared to 46th position on the Play Store.

More broadly, Côme Prost Boucle, Country Manager of Coinbase in France, commented on the increase in recent days, drawing a parallel between MiCA and the desire for regulatory clarity on the part of American investors:

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The EU, which has already taken the lead in global cryptocurrency regulation with MiCA's comprehensive regulatory framework, is uniquely positioned to capitalize on this momentum, providing the clarity and confidence needed to encourage further growth and innovation. responsible. The US elections have shown that the crypto community is speaking out, and they want leaders who understand the need to improve the financial system for future generations.

???? To go further — Which crypto stocks should I invest in on the stock market?

Depending on the sustainability of this increase, a new influx of the general public may be felt in the company's next quarterly results. In addition to the retail investor market, Coinbase plays, among other things, an important role in several spot Bitcoin ETFs like that of BlackRock.

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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.

Vincent Maire

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