Coinbase COIN Hits 18-Month High To Rally Near $117 – Is $150 On The Cards?

Christian Encila

1 year ago

3 mins read

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The price of Bitcoin hit a 2023 high, and Coinbase Global (COIN) shares went through the roof. It looked like the crypto exchange had benefited from Binance’s recent legal problems.

People have noticed that COIN’s price has been doing well in line with the overall good trend in the crypto space led by Bitcoin.

This week, the price of Coinbase stock has been going up quickly because its competitor, Binance, is having some problems with the government.

COIN has been soaring for five days in a row and hit a four-month high of $114.4 as a result. But if you look at the chart for the daily time frame, you can see that this rebound is part of a rising channel. This means that the asset is ready for another surge.

The Nasdaq-listed Coinbase stock reached an 18-month high on Friday. The prices of Ethereum and Bitcoin are also rising.

The price of a COIN share was $115.75 at the time of this writing, up almost 7% in the last 24 hours. It has almost reached $117 per share so far today. Just one month ago, COIN was worth $82 per share, but now it’s worth over 40% more.

Source: TradingView

According to data provided by on-chain research company CryptoQuant, the US exchange’s bitcoin reserves have recently shot up, while Binance’s have fallen.

Over the past several months, Coinbase has become even more of a major player in the digital currencies sector, even as other companies in the same field have gone out of business.

The exchange’s solid track record has been a key part of its success, especially since it promotes a strong compliance-first approach after rivals like Binance have had major run-ins with the law.

This week, Binance admitted to being guilty of money theft in federal court. The company decided to pay fines of $4.3 billion, and Changpeng “CZ” Zhao, the founder and CEO, also admitted guilt and said he would resign. The news somehow benefited its rival, Coinbase, as seen from the decent numbers it has so far tallied.

Total crypto market cap at $1.4 trillion on the weekly chart: TradingView.com

As of November, the price of Coinbase stock has made an impressive rebound, coming back strongly from a psychological support level of $70. In the last few days, this upward trend has pushed the price of the asset to a remarkable $115, which is a 62% climb.

Based in San Francisco, the Nasdaq has listed Coinbase as a public company since 2021. The last time COIN was worth this much was in May 2022, just before the bubble burst for Terra and most of the digital asset economy crumbled along with it.

Analysts said that the Binance legal ruling could also be good for Coinbase because it could make it easier for US regulators to grant permission for a Bitcoin exchange-traded fund (ETF).

A Bitcoin exchange-traded fund (ETF) is a type of investment trust fund that lets buyers benefit from changes in the price of Bitcoin without actually holding the cryptocurrency itself.

It works like a regular stock on a stock market, helping investors buy and sell shares that give them ownership in the Bitcoin ETF. Bitcoin is what the ETF is based on, and its value is linked to the success of the crypto asset.

Meanwhile, as COIN surges to an 18-month high, nearing the $117 mark, speculation arises about the possibility of it reaching $150. The impressive rally showcases the platform’s resilience and market confidence.

Investors are keenly observing whether this upward momentum will persist, potentially propelling Coinbase to new heights. The crypto community awaits eagerly, anticipating whether COIN will continue its ascent towards the speculated $150 milestone.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.