Coinbase stock rises as Bitcoin prices rise, analysts predict a much higher target

Bitcoin continues to set new records and shows no signs of slowing down, analysts say Decipher spoken to beforehand.

While the world’s largest cryptocurrency broke $89,500 on Monday, crypto-related stocks are also in the mix – namely Coinbase, the largest cryptocurrency exchange in America.

The shares of the San Francisco-based company (COIN: NASDAQ) closed Monday’s trading session at $334.24, data from Google Finance shows.

That’s an increase of almost 20% in the last 24 hours and almost an 84% increase in the last month. After-hours trading shows the stock up another 1% to $327.40.

The digital asset giant is not far away from reaching its debut price of $381 when the company went public during the previous bull market about three years ago.

Analysts are now forecasting a high price target for the share of around $380 over a time horizon of 12 months – according to TipRanks, nine experts recommend buying and eight recommend holding Data.

Coinbase not only allows users to buy and sell major coins and tokens, but also the company went public in 2021, also provides custody and other services to almost all spot Bitcoin ETF issuers, including Wall Street heavyweight BlackRock.

Since the crypto-friendly Donald Trump won Ahead of last week’s US presidential election, the stock was up 67%.

President-elect Donald Trump became a proponent of Bitcoin and the digital asset industry during his campaign for the White House. He has vowed to allow all future Bitcoin mining in the US and make the country the “crypto capital of the planet.”

His rhetoric sparked a “Trump trade,” with investors buying tech stocks and cryptocurrencies before and after the election.

Coinbase stock isn’t the only Bitcoin proxy surging: shares of software company and now “Bitcoin development company” MicroStrategy reached an all-time high from $351 today. The company is the largest publicly traded holder of the asset.

Edited by Sebastian Sinclair