As a seasoned researcher with a keen interest in the ever-evolving digital asset market, I find the recent developments at Coinbase particularly intriguing. The launch of the COIN50 Index, a collaboration between Coinbase and VanEck’s Market Vector, is a strategic move that could significantly boost Coinbase’s influence in the broader market.
Coinbase, a publicly-traded company, has introduced a crypto market equivalent of the S&P 500 Index, which they’ve named the Coinbase 50 (COIN50) Index. This new product reflects the top 50 digital assets listed on their exchange that meet specific criteria for inclusion. By launching this product, Coinbase aims to increase its impact within the broader market.
VanEck and COIN50 Index – What is Special?
COIN50 is a product that was developed jointly by an American cryptocurrency exchange and VanEck’s Market Vector. As stated by Matthew Sigel, Head of Digital Assets Research at VanEck, this index uses a fundamental screening process during the selection stage to make sure the assets are suitable for investment, thus adding an additional level of precision.
Coinbase characterizes this novel index as an innovative method for monitoring the overall performance of the cryptocurrency economy. Essentially, it aims to provide traders with a clearer understanding of market trends. With a significant surge of Wall Street investors entering the crypto market, Coinbase is striving to keep pace by enhancing its services in response to the evolving broader ecosystem.
It is anticipated that the index will function as a dependable indicator, accurately reflecting the expanding and varying nature of the market. Soon, the platform intends to introduce assistance for COIN50 Index perpetual futures. A post on X announced that the launch of the COIN50-PERP market will take place from 2:30pm UTC on November 12, 2024, or later.
This perpetual futures market will be available with up to 20x leverage.
COIN Stock in This Bull Market Rally
During a generally optimistic period in the cryptocurrency market, Coinbase took this step. Following the U.S. election results, Donald Trump emerged victorious by securing more votes. The announcement of a pro-cryptocurrency leader has sparked enthusiasm throughout the market, leading to numerous price surges for digital assets.
The price of Bitcoin is nearly at $90,000, and experts predict it could reach $100,000 by the end of November. Similarly, Ethereum (ETH) is picking up speed and aiming to reach $4,000. This upward trend isn’t just happening in the crypto world; Coinbase stock (COIN) has also experienced a substantial increase.
On November 11th, the shares experienced a significant increase exceeding 20%, marking the first time they surpassed $300 since 2021. Currently, COIN is trading at $318 following a robust growth of over 62% in the last month.
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2024-11-12 18:57