Shares in crypto exchange Coinbase Global Inc. (COIN) reached a new all-time closing high on Thursday, though analysts remain divided on the prospects for continued gains.
Real Vision CEO Raoul Pal commented on the record close, stating in a post: “Going vertical now… Next step, crypto. The liquidity spigot is wide, wide open.”
Coinbase Breaks Four-Year Closing High
Trading on Thursday concluded at $369.21 per share, representing a 3.89% daily increase and nearly 40% monthly gain according to Google Finance data.
The $369.21 mark represents a 3.3% increase from the previous closing high of $357.39, which occurred in November 2021.
The company’s shares were the best-performing stock in the S&P 500 on Tuesday, advancing 12.10%, following its May 19 listing as the first cryptocurrency firm to enter the benchmark index.
Analysts attribute the recent surge partly to U.S. lawmakers advancing the GENIUS Act, which aims for clearer stablecoin regulation.
Coinbase co-created the USDC stablecoin with Circle Internet Group, generating approximately 50% of revenue from this partnership.
Technical Outlook Divided Among Analysts
The market outlook for continuation of the rally is split among analysts. While Andy Heilman noted “a bullish technical setup” suggesting potential for “four-digit prices,” other analysts observe expanding Bollinger Bands indicating volatility.
Analysts Cantonese Cat indicated the expanding Bollinger Bands suggest an “upward trajectory,” while Chad posits that Coinbase “might be ripe for a cooldown soon with price overextended above the upper Bollinger Band.”
Long-term holders expressed satisfaction as Coinbase shares returned to their original purchase price for early investors four years later.
“After buying Coinbase on day 1, I am finally back to the price I paid, 4 years later” noted crypto commentator Whoisdat, referencing the stock’s April 14, 2021 debut at $381 per share that opened lower and closed at $328.28.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
