Growth in cryptomarket fueled 15% rally in Coinbase stock
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Coinbase's business is largely dependent on sentiment surrounding the cryptocurrency ecosystem at any given time. When the market is seeing positive momentum and growth, chances are that Coinbase is bound to see more patronage, and vice versa. a massive daily trading volume of $1.93 billion, up 39% over the past 24 hours. This confirms the correlation between the stock price's performance and trading activities.
With the current growth generally coming off as impressive, analysts are still bearish on Coinbase stock, considering the fact that the underlying gloom in the broader industry is not near being cleared yet. Despite its with the U.S. SEC, Goldman Sachs analysts said in a note to clients that they see limited catalysts for the overperformance of the stock in 2023.Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments.
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