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Coinbase shares rise on PT upgrades


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Coinbase Global all-sessions rise after at least five brokerages raised their price targets on the crypto exchange. IGTV financial analyst Angeline Ong takes a look at how this is linked to bitcoin ETF approval requests.

 

 Angeline Ong | Financial Analyst, Presenter and Content Editor, London | Publication date: 

Coinbase's share price on the rise

Coinbase, a leading platform for buying and selling cryptocurrencies, has recently seen a notable increase in its stock price. This means that the value of the company's shares has gone up, and it's good news for investors. In fact, one brokerage called Needham has even named Coinbase as its top pick for 2024 and added it to its list of stocks that it strongly believes will do well in the future.

This rise in Coinbase's stock price is part of a larger trend in the cryptocurrency markets. Since June, these markets have been experiencing significant growth, attracting the attention of big financial companies like BlackRock. These companies are even seeking regulatory approval to set up a Bitcoin exchange-traded fund, showing that they are becoming more interested in cryptocurrencies.

Coinbase's impressive performance

But what makes Coinbase's performance so impressive is how much its stock price has gone up compared to other financial markets. In 2023 alone, it increased by a whopping 391%, which is a lot more than other major indices on Wall Street. This highlights the fact that investing in cryptocurrencies can be highly profitable.

Overall, Coinbase's stock has risen because various brokerages have given positive price targets for the company, the cryptocurrency markets have been rallying since June, and traditional financial firms are becoming more interested. Coinbase's strong performance compared to other markets and indices shows just how appealing and potentially lucrative investing in cryptocurrencies can be.

So, if you're curious about getting involved in trading cryptocurrencies like Bitcoin, it's worth taking a closer look at Coinbase. With its increasing stock price and the interest it's attracting from big financial players, it could be a promising investment opportunity. Just remember that investing in cryptocurrencies comes with its own risks, so it's essential to do your research and understand what you're getting into.

 

 

 

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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