tl;dr
Bitcoin continues to reach new records, surpassing $89,500 on Monday. Coinbase, the largest crypto exchange in the US, saw its shares rise by nearly 20% in the past 24 hours and close to an 84% jump over the past month, reaching $334.24 at the close of Monday's trading session. Analysts forecast a h...
Bitcoin has surged to new record highs, driving up crypto-related stocks, notably propelling Coinbase's shares up by nearly 20% in the past 24 hours and by 84% over the last month.
Analysts are projecting a high price target of $380 for Coinbase stock over the next 12 months, attributing this surge in demand to the U.S. presidential election and President-elect Donald Trump's supportive stance towards cryptocurrencies.
Trump's backing of Bitcoin and the digital asset industry has triggered a "Trump trade," leading to substantial gains for tech stocks and crypto-related companies. MicroStrategy, for instance, hit an all-time high of $351. Meanwhile, Bitcoin continues its upward trajectory, exceeding $89,500 on Monday.
Notably, Coinbase, the largest crypto exchange in the US, saw its shares rise by nearly 20% in the past 24 hours, closing at $334.24 at the end of Monday's trading session; a remarkable 84% jump over the past month. Analysts anticipate a high price target of around $380 for the stock over the next 12 months, with favorable recommendations from experts.
Since the US presidential election, Coinbase stock has surged by 67%, driven by increasing crypto-friendly sentiment. Furthermore, MicroStrategy, which has pivoted to a "Bitcoin development" firm, also witnessed a surge in its shares, reaching an all-time high of $351.
Trump's pro-crypto rhetoric has prompted a "Trump trade," with investors flocking to tech stocks and crypto. As a result, crypto-related stocks, including Coinbase, have seen substantial gains, reflecting the growing influence of cryptocurrencies in the financial landscape.