Coinbase shares have shown impressive growth of 62% this year, reflecting the optimism prevailing on Wall Street regarding the largest cryptocurrency exchange in the United States.
This growth occurred despite accusations of fraud by Sam Bankman-Fried, the head of the liquidated FTX exchange, and the "revelations" of Binance Holdings Ltd.
During 2023, the value of Coinbase shares more than tripled, and their growth in November affected the overall market rally, adding $12 billion to the company's market value. The share price exceeded $120, which is significantly more than the average analyst target price of $84.
Experts believe that Coinbase is currently in a better position than most other public companies after a period of shakeup in 2022 and 2023. The growth of Coinbase shares was supported by general optimism in the market, litigation with competitors and the potential approval of the bitcoin ETF by the U.S. Securities and Exchange Commission.
In addition, bitcoin also showed impressive growth in 2023, by almost 130%. These factors have created a positive mood among traders, even despite Coinbase's consecutive losses over 7 quarters. Investors who bet against Coinbase shares have suffered losses of $1.3 billion in the last 30 days alone.
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