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Coinbase (NASDAQ:COIN) stock is a hot subject today among crypto enthusiasts. This surge is due to a couple of factors significantly benefitting COIN shares
First and foremost, JPMorgan has upgraded the company’s shares from an “underperform” rating to a “neutral” rating. Analysts are attributing this to the increasing prices of Bitcoin (BTC-USD) and the strengthening of Bitcoin ETFs.
For context, the consensus rating for COIN stock is hold based on 22 opinions. Additionally, the consensus price target for COIN is $103.68 per share, representing a potential downside of 35.4%.
Crypto Values Boost COIN Stock
Coinbase’s stock surge today is also tied to the state of the crypto market, which has recently reached a $2 trillion valuation, a peak not seen since April 2022.
The recent recovery of the crypto market is a big win for COIN stock as Coinbase operates one of the largest crypto exchanges.
As of Thursday morning, COIN stock is up by 4.5%, with around 1.3 million shares being traded. This is still below its daily average trading volume of approximately 13.4 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2024/02/why-is-coinbase-coin-stock-up-today-feb-15th/.
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