What Caused the Rise in Coinbase Stock Today? Boost from Bitcoin’s Performance.

Goran Radanovic

CryptocurrencyTrading
Coinbase

Coinbase Global (NASDAQ:COIN) experienced a 6.2% increase in its stock value during Monday’s trading session, primarily driven by a significant rise in Bitcoin (BTC-USD) prices, which positively impacted various cryptocurrency-linked stocks.

Despite this uptick, Coinbase’s shares have seen a significant decline since the beginning of 2024, dropping by 28.3%. This decline correlates with Bitcoin’s challenging start to the year. However, looking back over the past year, Coinbase’s stock has risen by approximately 136%, surpassing Bitcoin’s roughly 81% increase.

Coinbase 1

During Monday’s mid-afternoon trading session, Bitcoin’s value jumped 2.7%, reaching $43,000, building on the previous week’s gains. This surge in Bitcoin’s price also boosted other cryptocurrency-related stocks, including MicroStrategy (MSTR), which saw a 3.2% increase, Galaxy Digital (OTCPK:BRPHF) up 3.5%, Bakkt (BKKT) rising 10.4%, and CleanSpark (CLSK) gaining 5.4%.

Coinbase’s stock received an additional boost on Friday when Oppenheimer upgraded its rating to ‘Outperform’. This upgrade was based on the expectation that Coinbase is emerging successfully from the cryptocurrency downturn experienced last year.