The value of from Coinbase shares (COIN) have risen nearly 90% over the past month.
As of January 27, 2023, the market value of COIN was $61.47. That represents a price increase of 88.27% from December 27, 2022, when the asset was valued at $32.65.
Today’s price is also the highest value the stock has reached since early November 2022. As such, it represents a roughly three-month high.
Coinbase’s recent performance is likely due to its long-standing and strong reputation within the cryptocurrency industry. The company has been in business since 2012 and regularly publishes reports on its finances. As such, Coinbase has managed to maintain some trust, even amid the collapse of FTX and several other companies.
Coinbase too settled with the NYDFS this month for $100 million, half of which the company will spend on compliance improvements. Although the case against Coinbase is not good news on its own, the constructive nature of the sanction and the reassurance provided by the conclusion of the case can be seen as a positive development.
Positive coverage from major publications may have also benefited COIN’s value. Fortune, Barron’s and CNBC cited encouraging analysis from JMP Securities this month, which in turn may have motivated investors to buy shares.
The general growth in the cryptocurrency market could also have improved the value of COIN. Bitcoinfor example, it has risen 39.5% in 30 days, while Ethereal has risen 33.0%.
However, Coinbase has shown some signs of weakness: the firm laid off 20% of its staff in early January and closed operations in japan later in the month. In addition, the company faces a moderate $3.6 million fine in the Netherlands.
Despite COIN’s recent gains, the asset’s current price is significantly lower than its initial price of $342.00. The stock only reached that value twice: in April 2021, when it began trading, and again in November 2021.
