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Where Will Coinbase Stock Be in 5 Years?
The leading cryptocurrency exchange still has a bright future.
Coinbase (NASDAQ: COIN), one of the world's largest cryptocurrency exchanges, went public via a direct listing in April 2021. Its stock opened at $381, jumped as high as $429.54 during intraday trading, and ended its first day at $328.28. It went through some wild swings and eventually rose to its all-time high of $357.39 seven months later.
At the time, the buying frenzy in cryptocurrencies -- which was driven by low interest rates, social media buzz, and stimulus checks -- boosted Coinbase's trading volumes. But over the following two years, rising interest rates and other macro headwinds chilled the crypto market and drove the company's stock to a record low of $32.53 on Dec. 28, 2022.
Image source: Getty Images.
