Crypto-trading platform operator Coinbase Global (COIN -5.71%), saw its share price shoot nearly 18% higher on today.
The crypto rally just keeps plowing ahead, and today, nearly every major coin and token was up substantially.
As ever, Bitcoin set the pace; as of midafternoon, the coin was up more than 8% over the preceding 24 hours, according to data compiled by CoinGecko, after it crossed the $24,000 barrier. Even goofy fun coins were having a moment — Dogecoin, for one, was rising by 6%.
The latest macroeconomic news is helping to support this. While the latest U.S. Consumer Price Index (CPI) statistics released this week weren’t overly encouraging, they did show that the pace of inflation growth continues to slow.
That’s good news for asset classes considered to be relatively risky, and cryptocurrencies — plus related businesses — fall squarely into that category.
The path of Coinbase stock is typically blazed by the cryptocurrencies that trade through its platform, with the far-and-away leader being Bitcoin.
For crypto bulls, then, Coinbase is a sideways and/or complementary play on this ever-volatile asset class; folks who believe the rally will last for some time should consider a position in the stock.
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