If You Had Invested $1000 In Coinbase Stock A Year Ago, Would It Have Fared Better Than Bitcoin, Ethereum And Dogecoin?

Coinbase Inc. COIN, a cryptocurrency exchange, has been experiencing a stock renaissance as maximum 2023 gains for COIN have surpassed 400%. 

What Happened: The exchange’s performance rose in tandem with Bitcoin BTC/USD, which has gained more than 60% in 2023.

A comparison of the scaled returns delivered by COIN and BTC over a period of one year shows that COIN has far outpaced Bitcoin, largest altcoin Ethereum ETH/USD, and even meme coin Dogecoin DOGE/USD pales in comparison to Coinbase’s stock growth.

If you had invested $1,000 in COIN at the beginning of the year, your investment at the time of writing would be worth $5,000.89, reflecting a return of 400%. For BTC, a $1,000 investment would give 163% returns, sending the investment to $2,638.73.

On the other hand, a $1,000 investment in ETH at the beginning of the year would have resulted in a return of $1,864, with a gain of 86.48%, while a similar investment in DOGE would have produced a return of $1,352, with gains of 35.29%.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: This comes as Cathie Wood's ARK Invest, reduced its exposure to COIN as it continues to climb.

Coinbase CEO Brian Armstrong believes that the only way is up for crypto in 2024. The exchange has even gone so far as to join several U.S. crypto players in a fundraising move worth nearly $80 million to support “pro-crypto” U.S. election candidates. Armstrong believes that it’s time to make sure that people know “being anti-crypto is just bad politics in D.C.”

Price Action: BTC was trading at $43,702, ETH at $2,294 and DOGE at $0.091. COIN was trading at $168.03
up 3.81% at the time of writing.

Photo by Fernando Cortes on Shutterstock

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