Is Rise In Coinbase & Crypto-Based Stocks A Sign of Market Recovery?

Is Rise In Coinbase & Crypto-Based Stocks A Sign of Market Recovery?
  • The current pump in the market has persuaded the value of crypto-based stocks. 
  • Coinbase climbed 9% in a day, according to Nasdaq.
  • Other crypto-based companies also see a rise in their stock values.

Considering the condition of the current market, it seems to be a relief for crypto users as the price value of mainstream cryptocurrencies is rebounding. The price value of Ethereum has already crossed the $1,500 level obtaining a 45% gain in the last week. Bitcoin surpassed the $22k level while other cryptocurrencies like SOL and MATIC also achieved 30% and 60% gain in the last week.

Following the resurgence in the price of crypto tokens, the value of Coinbase and crypto-based shares also rallied. The past few months were a gloomy bear market for the crypto industry which knocked down the largest cryptocurrency Bitcoin to $18K. Significantly, the top crypto-assets BTC and ETH were almost 70% down from their all-time highs.

Crypto Inflation Affects Stocks

The crypto-related firms have seen a surge in their stock value following the upward momentum of cryptocurrencies. Though it appears to be a temporary rise, the impact has resulted in stock values of crypto-based entities. According to the data from Nasdaq, the uptrend of the crypto market drove up the stock price of publicly traded company Marathon Digital Holdings, Inc. This platform is a crypto-asset technology firm that focuses on cryptocurrency mining, it has surged over 22%, from $8.83 to $9.82.

Subsequently, the data from Nasdaq claims that Coinbase has climbed 9%, which is to $59 within a day. Moreover, the trade volume on Coinbase has surged, with 30% from Ethereum and 20% from Bitcoin in the past 24-hours. 

Furthermore, other mining companies like Bit Digital, Riot Blockchain, etc experienced an upsurge. The stock price of Bit Digital has climbed 5% to $1.70 while Riot Blockchain surged 12% to $6.24 in a day. Additionally, Robinhood Markets Inc, a stock trading platform ascended 2.5% to $8.62 on below-average volume. Thus the current pump in the market has persuaded the value of crypto-based stocks. 

A devoted content specialist who is inquisitive on exploring crypto and blockchain technology. She is fond of providing innovative contents that tugged her to write for NewsCrypto.