Coinbase, the largest U.S.-based crypto trading platform, saw its stock climb above $300, a milestone not reached since November 2021.
Data from Yahoo Finance shows that this rise reflects an increase of approximately 11% at the market open and coincides with Bitcoin’s recent rise above the $83,000 mark. This strongly aligns with Coinbase’s stock performance and the broader crypto market recovery.
Market observers have linked this correlation between cryptocurrencies and associated stocks to the “Trump trade” effect.
Over the past week, sectors expected to benefit from the Trump administration have shown a marked increase, with the crypto sector in particular seeing renewed interest from investors. The president-elect is generally seen as pro-industry due to his many pro-crypto promises, including replacing SEC Chairman Gary Gensler and developing a national Bitcoin reserve strategy.
Top 100 apps
Meanwhile, Coinbase’s stock rise coincides with a significant increase in its apps’ ranking in the top 100 apps in Apple’s U.S. App Store.
After starting the year outside the top 400, the app’s popularity grew alongside the broader crypto market rally, climbing to 70th overall and fourth place for U.S. financial apps , according to AppFigures.
The Coinbase app ranking has historically served as an indicator of market sentiment. A rise to the top spot has often signaled a spike in market interest, as seen in previous cycles in December 2017 and October 2021.
