Coinbase Stock: 3 Reasons Fueling COIN Stock Price Rally

Highlights

COIN price eyes weekly close above $300 and a monthly close above the record high of $428.
Coinbase and MicroStrategy lead crypto-related stocks in Bitcoin-triggered rallies.
COIN price supported by both the technical and fundamental structures.

Crypto stocks including Coinbase (COIN) and MicroStrategy (MSTR) are hugely rewarding investors as Bitcoin (BTC) price nears all-time highs. Shares of Coinbase, one of the leading companies in the crypto industry, have been on an upward trajectory since late last year when they traded at $71.75.

According to Yahoo Finance, COIN currently valued at $229, is up by more than 11% on the day with a $23.23 price change since Monday’s open.

Other crypto stocks like MicroStrategy’s MSTR are also performing well in tandem with Bitcoin’s surge past $66,000. At the time of writing, MSTR stock price is up by $254 from Friday’s close to $1,334, representing an 23% increase.

1. Bitcoin ETFs Trigger Rallies in Coinbase stock Price

The launch of Bitcoin exchange-traded funds (ETFs) in January following the approval by the US Securities and Exchange Commission (SEC) put Coinbase in the limelight.

Out of the 11 Bitcoin ETFs green-lighted by the SEC, eight of them partnered with Coinbase for custody services. As the digital asset custodian of some of the leading financial management companies like BlackRock and Fidelity, Coinbase gained immense approval from investors seeking indirect exposure to cryptocurrencies.

The stock, COIN, started rallying in September last year as optimism for the spot ETF grew exponentially. Despite experts warning that the ETFs were a threat to Coinbase stock, its price has continued to rally and may well be on the fast lane to reach a new all-time high beyond the previous one at $428.

2. A Bullish Crypto Market

Cryptocurrencies hit the bottom after surging the FTX collapse in late 2022. While many thought the wide-reaching bankruptcy would sink the final nail in what seemed like the crypto coffin, the outlook drastically changed in 2023 amid a spot BTC ETF-triggered hype.

Crypto stocks including Coinbase and MicroStrategy have since rallied in tandem with Bitcoin. While Coinbase is purely a crypto-based company, MicroStrategy has grown to be one of the largest holders of BTC.

The attention Coinbase is getting is unlikely to fade in the short-term with the crypto market expected to sustain this bullish thesis into 2025. In April, Bitcoin will undergo the halving to reduce miner rewards from 6.25 to 3.125 BTC.

Every four years Bitcoin halves miner rewards to control inflation. As a result, new coins entering the market fall significantly, impacting demand and supply dynamics.

Although a price increase after the halving is not a guarantee, past events have led to parabolic rallies. For instance, Bitcoin exploded from lows around $8,000 in 2020 to its historical highs near $69,000.

Coinbase stock and other crypto stocks are bound to keep moving higher with the crypto market regaining its former glory. The total market cap has recently reached $2.5 trillion, underscoring growing interest among investors.

3. Navigating COIN Price Bullish Structure

After successfully navigating an important weekly resistance around $180 (the green band now supports), COIN price broke out reaching $222 — its current value. Once again, bulls have been put to the test. Can they defeat the next key hurdle at $225?

The resistance shown in the red band coincides with a falling trendline which COIN must close above to ascertain the strength of the uptrend. Should bulls push past this barrier, Coinbase stock may not slow down as it closes the distance to $300 and the all-time high of $428.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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