Coinbase stock COIN hit a new 52-week high of just over $328 on Nov. 11, driven by a surge in bitcoin’s value and overall market enthusiasm.
Coinbase Stock Up 20% in 24 Hours After BTC Rallies to New All-Time High
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Donald Trump-Inspired Enthusiasm
On Nov. 11, the stock of the cryptocurrency exchange Coinbase (COIN) hit a new 52-week high of just over $328. The stock’s remarkable run, which started on Nov. 1 with COIN trading at just below $180, has seen it add more than $50, or 21%, in 24 hours. The stock’s rally coincided with the BTC surge, which saw the top crypto asset notching another new all-time high.
At the time of writing (Nov. 11, 2.20 pm EST) Coinbase stock was up more than 70% from its Oct. 31 price and over 100% since the start of the year. At current prices, the stock’s market capitalization is closing in on the $90 billion mark, making it one of the biggest digital asset firms globally.
Coinbase’s COIN was not the only listed crypto-related stock that registered double-digit gains on the day. Microstrategy, which announced its haul of 27,200 BTC on the same day, saw its stock (MSTR) rise by approximately 20%. However, unlike Coinbase stock, MSTR’s latest rally appears to have commenced after Donald Trump was declared the winner of the U.S. presidential election.
Other winners from the current BTC surge include Metaplanet, the listed Japanese firm following in the footsteps of Microstrategy, which saw its stock go up by 10% in 24 hours. Stocks of listed bitcoin mining firms, including Marathon and Riot, surged by approximately 23% and 20%, respectively.
Meanwhile, the enthusiasm associated with Trump’s ascendancy has trickled to other crypto assets, including ethereum, which was up by over 35% since Nov. 5. However, despite the run, the number two-ranked crypto asset’s USD value was still a long way from the March 11, 2024 high of $4,066.
