From Nasdaq.:

This week, the crypto market saw Bitcoin soar past $70,000 for the first time and significant money flow into Bitcoin ETFs. Altcoins and publicly traded crypto companies also experienced gains, with Coinbase (NASDAQ: COIN) leading the stock market, up 24.7%. Solana (CRYPTO: SOL) and Near Protocol (CRYPTO: NEAR) surged as well, up 12.6% and 40.3%, respectively.

Coinbase is positioned well in the crypto market, benefiting from the increased demand and serving as a custodian for Bitcoin ETFs. The company reported nearly a 50% revenue increase in Q4 2023 and positive operating cash flow, setting a positive trajectory for revenue and earnings growth in 2024.

Altcoins like Solana and Near Protocol have been following Bitcoin’s success with ETFs, prompting significant gains. Solana could potentially see a positive impact as Pantera aims to raise funds to purchase discounted Solana tokens. Near Protocol was boosted by being added as a loanable asset by Binance.

While the crypto market is experiencing strong gains, it’s important to note that the value increases are largely driven by a rising tide in the industry rather than fundamental changes. Increased leverage in the system from lending protocols and derivatives usage can lead to swift market movements, both positive and negative, as seen this week.



Read more at Nasdaq.: Why Coinbase, Solana, and Near Protocol Had Massive Gains This Week