From Nasdaq Corporation, September 16, 2024 07:21 am:

Coinbase (NASDAQ: COIN) is in focus for Wall Street analysts, with an average price target of $247, indicating a 51% upside potential. The company generates revenue from transactions and subscriptions/services, with stablecoin revenue up 59% and blockchain rewards up 111% over the past year.

Retail demand is key to Coinbase’s long-term growth, with the company aiming to regain its 2021-2022 revenue levels. Despite institutional trading volume surpassing retail, consumer transaction revenue remains a significant driver due to lower fees. Evidence suggests retail interest in Bitcoin may be waning, raising questions about future growth potential.

Cryptocurrency trading volume has hit nearly $96 trillion in 2024, approaching the total volume of U.S. stocks traded this year at $101 trillion. This indicates saturation in retail trading and challenges for future growth. However, Coinbase’s stablecoin business could offer a unique value proposition, attracting users looking for stability and privacy benefits in the volatile crypto market.

Read more at Nasdaq: Analysts See 51% Upside in Coinbase, Is It Time to Buy the Hype?