Coinbase, the prominent cryptocurrency exchange, has experienced a significant surge in its stock price, reaching a new high in nearly 18 months. Coinbase’s shares (COIN) closed at $119.77 on November 27, marking its highest point since May 5, 2022. XRP lawyer John Deaton has shared insights on Coinbase’s stock and its potential, highlighting its value proposition even as the cryptocurrency landscape undergoes seismic shifts.
Coinbase’s Recent Stock Performance
Coinbase’s stock price has seen a remarkable increase, with shares closing at $119.77 on November 27, representing an 18-month high. The COIN stock has also touched high and low points of $121.46 and $112.1828 in the last 24 hours, as per Nasdaq data. This surge represents a significant increase of around 257% on a year-to-date (YTD) basis. Despite this impressive jump, the COIN stock still falls short of its all-time high of nearly $353 in November 2021.
Why is Coinbase’s stock soaring?
Speculations are my roaming as Binance’s $4 billion settlement might be the reason why Coinbase (COIN) shares are soaring, but Brian Armstrong, Coinbase CEO’s, said in a recent interview with CNBC.
“There certainly have been a few bad actors in crypto, and I think we’ve had a moment recently with the enforcement action against Binance that’s allowing us to kind of turn the page on that and hopefully close that chapter of crypto’s history. There are many companies in crypto that are helping to build the crypto economy and update our financial system globally.
John Deaton’s Perspective on Coinbase’s Stock
XRP lawyer John Deaton gave a stance on Coinbase’s trajectory. While acknowledging the recent surge in the exchange’s stock price, he remains cautiously optimistic. Deaton points out that Coinbase’s stock was valued at just $45 a few months ago. However, he continues to believe that COIN is a worthwhile buy below $150 due to its previous low value.
Deaton’s comments reflect the nuanced nature of the cryptocurrency market, where legal challenges for one platform can lead to windfalls for another. As Coinbase navigates its legal battle with the U.S. Securities and Exchange Commission (SEC) endorsements from industry figures like Deaton add an intriguing layer to the ongoing narrative of Coinbase’s resilience and potential for growth
Not only coinbase, but the share of Microstrategy is also soaring to a new high of $520, marking its highest point since December 2021. This surge in value can be attributed to the company’s strategy of holding Bitcoin for the long term, which has yielded profitable results.
To Conclude, Coinbase’s stock price has surged to an 18-month high, reflecting investor confidence in the company’s strong financial performance and its position as a leading cryptocurrency exchange.
