With the impressive positive movements across crypto, shares of Coinbase increased by 9.07% to almost $59.
Shares of crypto exchange platform Coinbase Global Inc (NASDAQ: COIN) saw an upward rally as Bitcoin, and other crypto prices began to rebound on the 18th. As the crypto company jumped, other crypto-exposed stocks also advanced with the crypto surge. Coinbase is one of the prominent crypto platforms, with millions of customers buying and selling crypto on the platform. With such a position at the center of the crypto market, Coinbase shares react to the value of crypto and the market condition at large.
CoinMarketCap revealed that MATIC was at the front of the rally, increasing 22%. At writing, Polygon’s MATIC is up 12.13% to $0.908. Similarly, the second-largest cryptocurrency by market cap, Ethereum, has advanced 8.16% in the last 24 hours. Currently trading at $1,612.07, ETH has gained more than 79% in its 24-hour trading volume. Ethereum also boasts of an over 30% weekly gain. Meanwhile, the largest crypto by market cap, Bitcoin, is only up 3.04% in the last 24 hours. The top crypto asset trades at $21,863.95, having traded at its highest price of $22,795.04 in the last 24 hours.
Crypto Rally Influences Crypto Shares
With these impressive movements across crypto, shares of Coinbase increased by 9.07% to almost $59. CoinMarketCap data revealed that Ethereum contributed 30% of the volume on the company’s exchange. Meanwhile, 20% was from Bitcoin trades. The crypto company is also up 8.89% in the last five days and 14.555 over the past month. Since the year began, Coinbase shares have plummeted almost 77% as the entire crypto market struggles. The company has also declined 59.58% in the last three months. At press time, Coinbase shares are at $59.90 in extending trading with fingers crossed on a persisting crypto rally.
The crypto market crash affected many crypto companies, including Coinbase, which let go of some of its employees. The company laid off 18% of its workforce last month, with its CEO blaming the recession and an upcoming “crypto winter.” Brain Armstrong also added that it is clear the company “over-hired.”
Additionally, digital asset technology company Marathon Digital Holdings (NASDAQ: MARA) also recorded a 22% surge with the upward pressure on cryptocurrencies. As a business that engages in mining cryptocurrencies, the company’s shares increased from $8.83 to $9.82. At the same time, its trading volume rose significantly.
Although the surge may be temporary, the increase is somewhat of a turnaround from the market wreck. Institutional investors, retail investors, and traders have been counting losses for the past month, and a continuous rally could ease off their tension. There is a recession threat, with many analysts predicting recession before the year ends. Meanwhile, some believe the recession has started as inflation spreads across the market.
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