Shares of Crypto Exchange Coinbase (COIN) Climbed to their highest level since its Nasdaq debut in April 2021 on Thursday, which brought the stock almost full circle after throwing more than 90% in depth of 2022’s Crypto Winter.
Coin hit $ 382 on Thursday before paringing some of the winnings and closing higher with 5.5%. The stock has more than doubled since he threw himself with April’s customs duty market spanics.
Coinbase’s list of 2021 marked a waters for the digital asset industry, but also signaled a top in crypto. The stock rose as high as $ 382 before slipping over 90% in the middle of the long -lasting 2022 bear market.
Now, investors are increasingly placing a coin base as a long-lasting winner in the next phase of crypto growth, defined by rising stableecoin adoption, institutional participation and increased US legislative clarity.
The company recently launched Coinbase Payments, a new service aimed at expanding Exchange’s footprint in global trade. The platform is built on Coinbases Ethereum-layer-2 networks, base and allows merchants to accept 24/7 USDC stableCOin payments without needing blockchain expertise. It is already integrated with platforms like Shopify, the company said.
Coinbase also benefits from the rapidly growing stableecoin sector that has a revenue sharing agreement with circle (CRCL)Issuer of USDC stableecoin, giving it a cut of the yield generated by reserve assets.
The wider background is also supportive. S&P500 and NASDAQ stock indices hack highs and crypto-related companies such as Robinhood (HOOD) Have also had a renewed investor interest.
Some analysts expect further upside.
Benchmark raised its price target for $ 421 on coin and said the company is well positioned to exploit potential US law, including bills to regulate stablecoin and market structure for digital asset.
Meanwhile Bernstein set A more ambitious $ 510 target that calls Coinbase Crypto’s emerging “Universal Bank”, brodic retail users, institutional investors and chain chain infrastructure.
Read more: Coinbase is the most misunderstood business in crypto, says analyst with the highest Wall Street target
