As the largest US-based cryptocurrency exchange, Coinbase has been a driving force in the adoption of digital assets. Founded in 2012, Coinbase allows users to buy, sell, and store cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
In addition to exchange services, Coinbase offers a suite of tools for merchants and developers to build applications on top of the Coinbase platform.
Coinbase went public on the NAsdaq on April 14th, 2021 at a reference price of $250 per share. The stock opened at $381 per share, giving Coinbase a valuation of $86 billion.
Since going public, the stock price of Coinbase has been volatile. After reaching an all-time high of $429 per share on April 28th, the stock price fell to a low of $310 per share on May 5th.
As of May 12th, the stock price has recovered somewhat and is currently trading at $335 per share. .
What is driving the volatility in Coinbase’s stock price?
There are a few factors that could be driving the volatility in Coinbase’s stock price. First, as a newly public company, there is still a lot of uncertainty around Coinbase’s business model and future growth prospects.
Second, the cryptocurrency market is still relatively new and unpredictable, which adds another layer of risk for investors in Coinbase. Finally, given the recent spike in Bitcoin prices, it’s possible that investors are selling off Coinbase shares in order to cash in on their gains in the cryptocurrency market.
What is the Target price for Coinbase stock?
It is difficult to say what the Target price for Coinbase stock should be given the current uncertainties around the company and the cryptocurrency market. However, given Coinbase’s strong position in the industry and its potential for future growth, analysts believe that the stock could potentially reach $500 per share over the long term.