Coinbase Stock Is Up 85% in 2023: Is It Time to Buy?
Since hitting an all-time high of $357.39 in November 2021, it has been a terrible ride for Coinbase (NASDAQ: COIN). The leading cryptocurrency brokerage and exchange operator was devastated by the industry's massive downturn in 2022, a year that saw the company's net revenue decline 57.2% year over year, with an annual net loss of $2.6 billion.
However, with a new year comes renewed optimism about cryptocurrencies and the businesses that support the industry. Coinbase shares are up a jaw-dropping 85% in 2023 (as of March 29), even outpacing the world's two most valuable digital assets, Bitcoin and Ethereum.
Is it time for investors to take advantage of this momentum and buy the stock?
Source Fool.com
