Since the past few quarters, companies with direct or indirect exposure to cryptocurrencies have registered unprecedented growth in their stock trading prices. In the past 24 hours, Coinbase stock has added 8.44 percent, reaching $298.11.
According to data from Tradingview, COIN stock grew 6.65 percent in a week, and a staggering surge of 13.09 percent has been observed in the past 30 days.
Earning & Revenue release fueled the growth in COIN stock
Coinbase Inc. released its Q4 2024 earnings report on February 13, 2024, the positive figure in the report seems to be fueling the spike in trading prices.
Until publishing, COIN stock was trading above 20,50,100, and 200 days EMA. Experts estimated EPS for COIN share in Q4,2024 was $2.11, yet the report EPS is $4.6,6, roughly 121 percent greater than the estimates.
For the same quarter, the estimated revenue was $1.84 billion, yet Coinbase reported $2.27 billion. The available information notes that 194.49 million COIN shares are free-floating, and the remaining 10.42 million are closely held.
By the closing of 2024, the market capitalization of Coinbase was $66.52 billion, but when writing, it was at $74.63 billion with a surge of 12.19 percent.
It is worth noting that the majority of the revenue of Coinbase Inc. is derived from its crypto-based services, such as Custodial fees and staking, among others. The pre-market data of Tradingview shows that Coinbase stock is expected to open slowly on February 14, 2025, with a loss of $2.58.
Despite positive revenue, Coinbase trading remains less than Binance
Even after growing revenue, Coinbase has lost its position as 2nd biggest exchange in crypto spot trading now Binance stands at the top with a volume of $17,402,419,726, and Bybit is now 2nd most prominent in terms of volume, followed by Coinbase at third, and OKX on fourth.
Compared to previous years, almost all the exchanges in 2024 saw an uptick in trading volume and market capitalization, and the primary reason behind the growth is the growing adoption and usage of crypto.
According to CC data, the trading volume on centralized exchanges has reached a new milestone with an addition of 7.58%, reaching 11.3 trillion. The collective spot and derivatives trading volume on centralized exchanges reached a new height, with a growth of 7.58%.
The surged volume on centralized exchanges is the convenience of using these platforms, and the time taken for a payment validation is comparatively less than that of decentralized exchanges.
Crypto market overview
Until publishing the crypto market cap was $3.23 trillion with an intraday surge of 1.21 percent and at the same time trading volume was $95.20 billion with a decline of 28.40%.
Bitcoin has lost 1.00% of its trading price now trading at $97,065 and its market cap fell below $2 trillion, trading volume was $30.78 billion with a loss of 39 percent. Ethereum has opposed the trend adding 1.32 percent reaching $2,708.
The intraday gainers’ list has been ruled by Dogwifhat, XRP, Jupiter, Kaspa, Stellar, Official Trump, and Litecoin. The total volume in DeFi is currently $7.71B, 8.04% of the total crypto market 24-hour volume.
