Robinhood, Coinbase And This Bitcoin ETF Hit New 52-Week Highs As BTC Spikes To $57,000
Benzinga
Published Feb 27, 2024 16:17
Updated Feb 27, 2024 17:40
Robinhood, Coinbase And This Bitcoin ETF Hit New 52-Week Highs As BTC Spikes To $57,000
Benzinga - by Surbhi Jain, .
Robinhood Markets (NASDAQ:HOOD), Coinbase Global (NASDAQ:COIN), and the ProShares Bitcoin Strategy ETF (NYSE:BITO) surged to new 52-week highs on Tuesday, fueled by Bitcoin‘s (CRYPTO: BTC) impressive climb to $57,000.
Robinhood/h2 The user-friendly trading platform, witnessed a surge in its stock, benefiting from the renewed interest sparked by Bitcoin’s ascent to $57,000. Robinhood stock is up over 65% in the past year, +26.5% YTD. The stock made a new 52-week high of $16.25 on Tuesday.
Analysts, however, currently rate the stock at Neutral with a consensus price target of $14.38.
Also Read: Cathie Wood’s Ark Invest Offloads $6.9M Worth of Coinbase, Robinhood Shares Each Amid Searing Bitcoin Rally — Nvidia Stock Also Shed
Coinbase/h2 Coinbase, a leading cryptocurrency exchange, rode the wave of Bitcoin’s success as its stock reached new heights, reflecting the growing adoption of cryptocurrencies by mainstream finance. The stock is up 64.5% over the past year, +16.6% YTD. The stock made a new 52-week high of $209.94 on Tuesday.
Coinbase stock is a Buy per the consensus rating with a price target of $129.74 a share. Analysts who reviewed the stock in February have a price target range of up to $250.
ProShares Bitcoin Strategy ETF/h2 The ProShares Bitcoin Strategy ETF designed to track Bitcoin futures contracts, also experienced a surge. The ETF hit a new 52-week high of $27.12 in response to Bitcoin surpassing the $57,000 mark. The ETF is up 86.5% over the past year and has climbed 31.8% YTD.
Also Read: How Bitcoin ETFs Reshape The Investment Landscape: ‘Mega-Bullish Longer Term,’ Expert Tells Benzinga
This synchronized rise emphasizes the connection between traditional financial markets and the expanding cryptocurrency landscape. Bitcoin’s achievement of $57,000 not only excites the crypto community but also resonates across financial platforms, showcasing the integral role these platforms play in facilitating crypto investments.
As investors navigate the dynamic digital asset landscape, the performance of Robinhood, Coinbase, and BITO serves as a barometer for broader market sentiment.
Read Next: Bitcoin Tops $57,000, Fueled By BTC ETFs $520M Single-Day Inflow
Image created using artificial intelligence with MidJourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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