Robinhood Markets HOOD, Coinbase Global COIN, and the ProShares Bitcoin Strategy ETF BITO saw a surge to new 52-week highs on Tuesday. This upward trajectory was ignited by Bitcoin‘s BTC/USD impressive climb to $57,000.
Robinhood Experiences Bullish Run
The user-friendly trading platform, Robinhood, witnessed a surge in its stock as Bitcoin’s rally reignited interest. Robinhood’s stock soared over 65% in the past year and is up 26.5% year-to-date, reaching a new 52-week high of $16.25 on Tuesday.
However, analysts currently rate the stock at Neutral with a consensus price target of $14.38.
Also Read: Cathie Wood’s Ark Invest Offloads $6.9M Worth of Coinbase, Robinhood Shares Each Amid Searing Bitcoin Rally — Nvidia Stock Also Shed
Coinbase Rides the Crypto Wave
Coinbase, a leading cryptocurrency exchange, capitalized on Bitcoin’s success by surging to new heights. The stock surged 64.5% over the past year and climbed 16.6% year-to-date, reaching a 52-week high of $209.94 on Tuesday.
Coinbase stock is a Buy according to the consensus rating with a price target of $129.74 per share. Analysts reviewing the stock in February set a price target range of up to $250.
ProShares Bitcoin Strategy ETF Surges
The ProShares Bitcoin Strategy ETF, designed to track Bitcoin futures contracts, also experienced a surge to new heights, hitting a 52-week high of $27.12 as Bitcoin surpassed $57,000. The ETF surged 86.5% over the past year and climbed 31.8% year-to-date.
Also Read: How Bitcoin ETFs Reshape The Investment Landscape: ‘Mega-Bullish Longer Term,’ Expert Tells Benzinga
This synchronized rise underscores the connection between traditional financial markets and the expanding cryptocurrency landscape. Bitcoin’s milestone of $57,000 resonates not just with crypto enthusiasts but with financial platforms, showcasing their vital role in facilitating crypto investments.
As investors navigate the ever-changing digital asset landscape, the performance of Robinhood, Coinbase, and BITO acts as a compass for broader market sentiment.
Read Next: Bitcoin Tops $57,000, Fueled By BTC ETFs $520M Single-Day Inflow
Image created using artificial intelligence with MidJourney.
