Coinbase stock hits three-year peak as crypto market soars

As the crypto market experiences a huge surge, the Coinbase stock also rallied on Monday for the seventh straight session, hitting three-year highs. 

The market is gripped with positive sentiment after Donald Trump’s election victory, sending US stock indices to record highs. 

Bitcoin also continued to break records after surpassing $80,000 for the first time ever, amid expectations it’ll likely hit $100,000 soon enough. 

The Price 

The Coinbase stock surged 18.5% to $320.46, the highest since December 2021, with a session-low at $296.

On Friday, Coinbase closed up 5.6%, the sixth profit in a row.

Coinbase rallied 48% last week, its best weekly profit on record following Trump’s landslide election victory.

Coinbase’s Stunning Rally 

The Coinbase stock rose over 191% last year, easily outperforming other crypto and blockchain technology companies. 

It’s a reflection of investor confidence in the company and the crypto sector overall. 

Bitcoin’s Spike 

Bitcoin rose 5.5% on Monday to a fresh record high at $84,978, extending the huge gains for the seventh straight session.

The world’s most valuable cryptocurrency rose by over 25% since Trump’s victory, with promises of a more flexible stance on crypto regulations. 

During his election campaign, Trump made a series of promises to the crypto industry, and vowed to make the US the world’s “crypto capital” with mining operations done inside the country.