In the infinitely expanding world of cryptocurrencies, yet another newly-launched altcoin has gained massive attention from the community. Coinbase (COIN), a month-old low-cap crypto project that resembles the actual Coinbase exchange, has recorded a three-digit rally in its valuation within just 24 hours.
This has created chaos in the market and raised multiple speculations among traders and investors. Are you one of many who are here to find out the same?
Coinbase Crypto Price Rockets 200% But Coinbase stock Only Up 0.57%
The Coinbase crypto is under the limelight of the market with its impressive price action. At press time, it has surged 235% in 24 hours and 2,801% since its inception. With this, the market valuation of this altcoin has raised to about $23 million.
However, Coinbase Global Inc. (NASDAQ: COIN) has added only 0.37% or +$2.04 in the last 24 hours. While the stock price opened at $354.20 and recorded a high of $364, the value of this stock is currently at $357.84. This shows a stable price action for stock price in the market.
No Connection Between Both
Bringing the conclusion to the speculations, the Coinbase (COIN) crypto is not an asset that is affiliated with the legendary Coinbase exchange in any way. This has also been mentioned right above the COINBASE price chart in the CoinMarketCap.
Coinbase Stock Targets By Institutional Analysts
An analyst at Bernstein, Gautam Chhugani, increased the price target on Coinbase to $510 from $310 signalling an upside of 48% and maintained its rating of outperform. He added that the firm was “leading the crypto exchange” in the United States of America (USA).
The fact that it is included in the S&P 500 list, as well as the number of acquisitions, and the development of Ethereum-based infrastructure, make multiple analysts believe in high growth capacity within a notable period of time.
Also Read: Crypto Market Sees $183M in Liquidations in the Past 24 Hours
