Why Coinbase (COIN) Is Surging in 2023
A recent report by crypto intelligence platform IntoTheBlock reveals that Coinbase Global (COIN) is experiencing a positive trend in the cryptocurrency market. This has resulted in the price of COIN reaching an 18-month high of around $115. In fact, COIN has outperformed Bitcoin and Ethereum this year, with a surge of over 250% compared to their growth of 130% and 75%, respectively.
Increasing Valuation and Trading Volumes
IntoTheBlock’s report highlights that one key factor behind Coinbase’s valuation is its trading volumes, which have already surpassed the previous quarter’s figures in Q4. The recovering market cap of the USDC stablecoin and the adoption of Coinbase-incubated Ethereum layer 2 network Base are also contributing to COIN’s resurgence.
Binance’s Troubles Benefit Coinbase
The recent troubles faced by Binance in the US have indirectly benefited Coinbase. Binance admitted to violating anti-money laundering policies and paid a $4.3 billion fine, leading to increased attention on Coinbase as a reliable alternative.
Bitcoin and Ethereum Prices
Currently, Bitcoin is priced at $38,744 and Ethereum at $2,090. While Ethereum has remained stable over the past week, Bitcoin has seen a 2.5% increase.
Hot Take: Coinbase Shines Amidst Market Leaders
Coinbase Global (COIN) has demonstrated exceptional performance in 2023, surpassing both Bitcoin and Ethereum in terms of growth. With increasing trading volumes, the adoption of innovative technologies, and Binance’s recent troubles, Coinbase has positioned itself as a leading player in the cryptocurrency market. As the year comes to a close, it will be interesting to see if COIN can maintain its positive momentum and continue to outperform its competitors.
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