In 2023, the cryptocurrency market’s value surged from about $800 billion at the start of the year to more than $1.6 trillion at the end. After a terrible 2022, investors appear to be much more optimistic about digital assets.
Coinbase Global (COIN 3.46%) rode this wave of enthusiasm to new heights. The cryptocurrency stock soared 391% in 2023, a gain that trounced the Nasdaq Composite Index, although it has fallen 26% this year (as of Jan. 22).
But is Coinbase a magnificent crypto stock that investors should consider buying right now? Let’s take a closer look.
A dominant trading platform
Amid all the chaos that took place in the cryptocurrency industry over the past couple of years, Coinbase has been a stalwart. Credit for that resilience goes to the founder and CEO, Brian Armstrong, who from the beginning made it a priority to work within the regulatory framework and with lawmakers, unlike many other crypto companies.
This has…
