Coinbase, the largest crypto trading platform based in the US, has seen its stock climb above $300—a milestone not reached since November 2021.
Data from Yahoo Finance shows that the jump reflects a roughly 11% increase at market opening and coincides with Bitcoin’s recent surge above the $83,000 mark. This strongly aligns with Coinbase’s stock performance and the broader crypto market rally.
Market observers have linked this correlation between cryptocurrencies and related stocks to the “Trump trade” effect.
Over the past week, industries expected to benefit from a Trump administration have shown a marked increase, with the crypto sector in particular seeing renewed interest from investors. The President-elect is generally perceived as favorable to the industry due to his numerous pro-crypto promises, which include replacing SEC Chair Gary Gensler and developing a national Bitcoin reserve strategy.
Top 100 apps
Meanwhile, Coinbase’s stock rise coincides with a significant boost in its app ranking into the top 100 apps in the US Apple App Store.
After starting the year ranked outside the top 400, the app’s popularity has surged along with the broader crypto market rally, climbing to as high as 70th position on the overall ranking and fourth place for US financial apps, according to AppFigures.
The Coinbase app’s ranking has historically served as an indicator of market sentiment. A rise to the top position has often signaled a peak in market interest, as seen in past cycles during December 2017 and October 2021.
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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