The bitcoin and broader cryptocurrency bull market has stretched well into 2021 after finishing red-hot in 2020. Bitcoin railed off another record in early April, rising above the $62,000 U.S. mark. This week, Coinbase Global (NASDAQ:COIN) launched its initial public offering (IPO) on the NASDAQ. It surged on its first day of trading but has retreated since challenging the $430 U.S. mark.
Still, there is substantial excitement surrounding Coinbase and the broader crypto market. Coinbase operates a cryptocurrency exchange platform that operates remote-first. It does not possess a physical headquarters.
The company said that it expected its first-quarter 2021 profit to more than double from its full-year 2020 totals. Analysts expect that the exchange generated $1.8 billion in revenue in the first three quarters of 2021. Again, this would exceed the annual total of $1.3 billion in 2020. This demonstrates just how high the bitcoin and crypto markets have erupted in the first months of 2021. The top digital currency has enjoyed support from institutional investors and an ever-increasing flock of retail investors.
Coinbase anticipates "meaningful growth" throughout 2021. Bitcoin’s red-hot run does not look to be slowing down anytime soon. Investors who have bought into the dips have been rewarded at every turn. Many investors are eager to get in on the crypto space. Coinbase is a great way to do that today. This is a good way to bet on engagement rather than fall to the mercy of volatile bitcoin price fluctuations.
