In October, shares for the crypto firm, Coinbase Global, rose by over 40 percent. This is based on data from S&P Global Market Intelligence. Considering how many of the most popular tokens on Coinbase reported impressive gains, this shouldnβt come as a surprise. It looks like Coinbase decided to follow while the prices of gains rose. For instance, the flagship cryptocurrency Bitcoin reported gains of about 48.7 percent. Meanwhile, the smart contracts platform, Ethereum blockchain, showed returns of 51.4 percent.
From May to September, the crypto market experienced a dip in prices. Fortunately, Bitcoin and Ethereum were able to score new all-time record highs. Currently, the crypto market is still experiencing volatility. Luckily, the market is moving towards a more predictable and calmer future.
Some of the changes that have brought about a rise in prices include Bitcoinβs rising popularity. For instance, it became one of El Salvadorβs official currencies. Moreover, the US regulators and those of other countries are attempting to design a framework around digital assets. Most importantly, investors can now invest in the Bitcoin exchange-traded fund.
The ProShares Bitcoin Strategy ETF is a great alternative for cautious investors looking to venture into the crypto domain. Such investors can benefit from the strategy because it doesnβt require them to own any tokens. Rather, it holds various positions in Bitcoin futures. Ever since it launched on the New York Stock Exchange Market in October, it has gained over 7 percent.
Meanwhile, Ethereum has made some crucial changes to its Blockchain network. Experts are excited as an Ethereum futures exchange-traded fund is on its way. In addition, rising interest in the Ethereum-based DeFi system is giving a boost to the number of Ether transactions. This is all great news for Coinbase, which charges a small transaction fee for each transaction it carries out. Consequently, a rise in the trade volumes in October allowed share prices to soar.
As of yet, the crypto brokerβs future value highly depends on people widely adopting cryptocurrencies. Specifically, there needs to be a boost in crypto trading activities in the American market. On Tuesday evening, the company will be announcing a report on their earnings. It will be covering how much they made during the third quarter, which ended in October.
But Coinbase isnβt just a great choice for fans of different digital currencies. Rather, itβs also popular among numerous conventional investors who want a safe middle ground without going through the cryptocurrency market. The Coinbase stock doesnβt directly depend on a single cryptocurrencyβs fortunes. Rather, you stand to make a gain from how well the crypto market is doing as a whole. So even if some new cryptocurrency is released and outshines Bitcoin, Coinbase can simply offer it as well.
