How Coinbase Rode Crypto’s Inflection Point’ To A Rocky But Momentous Year

The company’s stock rode a euphoric wave that reflected the frothiness of digital coins, where Bitcoin’s (BTC-USD) price was setting record after record. Coinbase’s stock briefly touched $429 in its debut, briefly pushing its market value over $100 billion before it came back to earth.

 

 

The momentous rise and precipitous drop from Coinbase’s debut price says a lot about the volatility in crypto, where fortunes are being made and lost at lightning speed. But it also explains why the firm performed so well over the past year, and why equity analysts see longer term issues with its current business model.

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