Coinbase (COIN) stock saw a significant increase, climbing 20% within 24 hours and reaching a new 52-week high of just over $328 on November 11.
This surge was driven by Bitcoin’s (CRYPTO:BTC) rally to a new all-time high, which fueled optimism in the broader crypto market.
Coinbase’s recent performance has been impressive, with the stock gaining more than 70% since October 31 and over 100% since the beginning of the year.
At its current valuation, Coinbase’s market cap is nearing $90 billion, positioning it as a major player in the digital asset industry.
The rally in COIN stock began earlier in November when it was trading below $180.
The sudden boost in value coincided with Bitcoin’s price ascent, signaling robust market enthusiasm.
Other crypto-related stocks also experienced double-digit gains, including MicroStrategy (MSTR), which announced its purchase of 27,200 BTC and saw its stock increase by around 20%.
Unlike Coinbase, MSTR’s latest stock rise seemed linked to Donald Trump’s victory in the U.S. presidential election.
Japanese firm Metaplanet, mirroring MicroStrategy’s investment strategy, saw a 10% increase in its stock price within the same period.
Shares of major Bitcoin mining companies also benefitted from the crypto surge, with Marathon and Riot each rising by about 23% and 20%, respectively.
The market’s positive momentum extended to Ethereum, which increased by over 35% since November 5.
Despite this growth, Ethereum’s (CRYPTO:ETH) value remained below its March 2024 high of $4,066.
The wave of enthusiasm following Trump’s re-election has bolstered confidence across crypto and related markets, highlighting the potential for continued growth in digital assets.
At the time of reporting, the Bitcoin price was $87,431.77.
