Coinbase Market Cap Hits a Record $100B as BTC’s Price Tops $123k

TL;DR

• Crypto exchange Coinbase has hit a $100 billion market cap for the first time.

• This comes after Bitcoin hit a new all-time high of $123k on Monday.

Coinbase’s Market Cap Tops $100 Billion

Bitcoin, the leading cryptocurrency by market cap, rallied to a new all-time high price of $123k on Monday. The milestone was achieved after extending its weekend rally to Monday.

Cryptocurrency stocks recorded excellent gains thanks to the ongoing market rally. Coinbase, the largest cryptocurrency exchange in the United States hit two significant milestones in Monday's trading session.

The company’s shares surged by 1.8% on Monday to trade at $394.01 per share. The price was a new all-time closing high for Coinbase, which began trading on the stock exchange in April 2021. Shares hit an intraday high of $398.50. 

With yesterday’s rally, Coinbase’s market cap hit a new all-time high of $100.36 billion. Coinbase’s stock price has surged 50% over the last 30 days amid positive regulatory developments in the United States and Bitcoin’s ongoing rally. 

Furthermore, COIN shares were added to the S&P 500 index on May 19. As the first crypto company to enter this index, analysts are predicting higher gains for Coinbase in the medium to long term. Bitwise CIO Matt Hougan previously predicted Coinbase could be a $1 trillion company in the future.