As the only cryptocurrency exchange on the U.S. stock market (and the second-largest crypto exchange in the world), Coinbase ($COIN) shares have proven incredibly sensitive to the movements of the cryptocurrency market at large.
The stock rose to an ATH ($429) during its market debut, mirroring the uptrend in cryptocurrency investment — The resulting pullback in the crypto market caused COIN shares to tumble more than -50% to a low near $200.
The cryptocurrency market recently attained a new record high…COIN’s Purchase Intent Mentions and stock price are both following suit.
Consumers’ Mentions of using Coinbase’s platform to buy/sell/trade cryptocurrencies have rallied spectacularly, up +123% QoQ
and charging towards a new ATH on the 30-day trendline.