Among the hottest tech stocks in 2023, Coinbase (COIN) has surged over 387% year-to-date, valuing the company at $38.72 billion by market cap. Despite these outsized gains - including a 1% pop on today's news of clearance from French crypto regulators - COIN stock is down 55% from all-time highs.
Coinbase is one of the largest cryptocurrency exchanges globally, and its share price is largely tied to the performance of digital assets such as Bitcoin (BTCUSD) and Ethereum (ETHUSD). These two cryptocurrencies account for the majority of trading volumes on Coinbase, and rising crypto prices have pushed COIN higher in recent months, too.
