Coinbase Shares Jump As Bitcoin Prices Rise, Analysts Predict Bigger Target

Bitcoin It continues to set new records, and shows no signs of slowing down, according to analysts Decrypt He said earlier.

While the world's largest crypto broke above $89,500 on Monday, crypto-related stocks are also set for the ride—including America's largest crypto exchange, Coinbase.

Shares of the San Francisco-based companyCoin: NASDAQ) closed Monday's trading session at $334.24, according to data from Google Finance.

That's a nearly 20% increase over the past 24 hours and a close to 84% jump over the past month. The stock was up an additional 1% to $327.40 in after-hours trading.

The digital asset giant is not far from touching its initial price of $381 when the company went public nearly three years ago during the pre-bull run.

Analysts predict a higher price target of about $380 over the 12-month horizon — with nine experts recommending a buy and eight recommending a hold, according to TipRanks. Data.

Coinbase not only allows users to buy and sell major coins and tokens, but also the company, which It is officially released in 2021., It also offers custody and other services to Bitcoin ETF issuers everywhere, including Wall Street heavyweight BlackRock.

Since the crypto-friendly Donald comes down They won After last week's US presidential election, the stock rose 67 percent.

President-elect Donald Trump has been a booster for Bitcoin and the digital asset industry during his campaign for the White House. He promised that all future Bitcoin would be produced in America and make the country the “crypto capital of the planet”.

His remarks sparked a “trumpet trade” with investors flocking to tech stocks and crypto before and after the election.

Coinbase stock isn't the only Bitcoin proxy to get big: software company and now “Bitcoin development” firm MicroStrategy shares. Hit an all-time high From $351 today. The company is the largest owner of publicly traded assets.

Edited by Sebastian Sinclair.