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Coinbase Stock Stock vs Bitcoin: Why BTC is a Better Investment

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Coinbase (NASDAQ: COIN) stock price has lost momentum as cryptocurrencies and stocks pull back. The shares retreated to a low of $48.55, which was lower than this month’s high of $57.57. In this COIN shares analysis, we will assess whether the shares are a good buy in 2023.

Coinbase correlation with Bitcoin

Coinbase is the second-biggest company in the blockchain industry after Coinbase. It is an American company that is regulated by some of the toughest regulators in the industry. As a publicly-traded company, Coinbase is regulated by the Securities and Exchange Commission (SEC).

Further, unlike other crypto exchanges, Coinbase is audited by Deloitte, one of the big-four auditors in the world. Other exchanges are either not audited or audited by questionable offshore entities. For example, Binance, the biggest exchange in the world, was recently audited by the South African branch of Mazars. All these actions mean that Coinbase is one of the safest exchanges in the world.

Coinbase stock price has been in a strong sell-off in the past few years. In this period, its total market cap has plunged from over $70 billion to about $7 billion. This happened as cryptocurrency prices and stocks plunged. 

Coinbase has a close correlation with Bitcoin, the biggest cryptocurrency in the world. In most periods, when Bitcoin rises, it usually leads to inflows to exchanges as investors seek to take advantage of this price action. The vice versa is also true, which explains why Coinbase shares have retreated recently. After soaring to over $21,400 this month, Bitcoin has pulled back to about $20,000.

Coinbase shares have also retreated because of the actions taken by the company. This week, the firm announced that it will exit the Japanese market as volumes dried.

What next for Coinbase shares?

As I wrote earlier today, I am optimistic that Bitcoin price will rally to about $25,000. I cited the fact that the coin is forming a cup and handle pattern, which is usually a bullish sign. Therefore, if my BTC forecast is accurate, it means that Coinbase shares will follow suite as well. If this happens, Coinbase shares will likely rebound to about $80 in 2023. 

Still, I prefer investing in Bitcoin instead of Coinbase. For one, Bitcoin does not publish its quarterly results and it does not have insiders. It is an open protocol that cannot go bankrupt.

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IMX Price Double-Tops Ahead of Immutable X Token Unlocks

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IMX crypto price pulled back on Friday as investors waited for the upcoming token unlock that is scheduled for Saturday. The token rose to a high of $0.675, which was slightly above the intraday low of $0.6513. It remains a few points below this year’s high of $0.7500. 

Immutable X token unlock

Immutable X is a relatively small blockchain that plays an important role in the non-fungible token (NFT) industry. It is a layer-2 network that is focused on the non-fungible token (NFT) industry. A layer-2 network is a sidechain that handles transactions at a faster pace and at lower costs than Ethereum.

These networks, which include networks like Polygon, Arbitrum, and Optimism, handle transactions at a significantly lower cost. That’s because Ethereum is well-known for its substantially slow speeds and high transaction costs.

As a result, Immutable X has become a favorite blockchain for developers to launch their NFT collections. Data compiled by CryptoSlam shows that Immutable X handles tens of millions of NFT collections on a daily basis. In January, it has handled $11.3 million NFTs, lower than the $14 million that it processed in December. At its peak, it was handling over $53 million worth of NFTs per month.

Immutable X’s IMX token price retreated slightly ahead of the upcoming token unlock that will happen during the weekend. A token…

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Cardano Price Gains Momentum as DeFi and NFT Ecosystem Wakes Up

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Cardano price has been in a strong bullish trend in the past few weeks, making it one of the top-performing cryptocurrencies. ADA, its network token, has risen to a high of $0.39, which was the highest point since November 8. It has jumped by over 58% from the lowest level in 2022.

Cardano DeFi ecosystem rebound

Cardano price has been in a strong recovery as activity in its network do well. Data compiled by DeFi Llama shows that the total value locked (TVL) in Cardano’s DeFi ecosystem has been in a strong recovery as cryptocurrencies rebound. After falling below $60 million in 2022, the TVL has bounced back to about $102 million.

A closer look shows that most DeFi platforms are doing well. For example, MinSwap has seen its TVL jump by over 41% in the past 30 days. It has a market dominance of 31.4%. In the same period, Meld has seen its TVL soar to over$17.59 a million, making it the second-biggest DeFi platform in Cardano.

Other top players in the ecosystem are Indigo, WingRiders, MuesliSwap, and SundaeSwap have all seen their TVLs jump by double-digits, as shown in the chart below.

Cardano NFT…

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Aptos Price Continues to Defy Gravity as Activity Rises

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Aptos price has been one of the best-performing cryptocurrencies in 2023 as it roared to its highest point on record. APT jumped to a high of $20.45, the highest point on record. In all, it has jumped by more than 493% from the lowest level of all time. 

Why Aptos is soaring

Aptos is one of the fastest public blockchains in the world. It is an Ethereum rival that acts as a foundation for developers to build adaptive and high-quality applications across all sectors. The network, which is well-funded, has excellent speeds of more than 10,000 transactions per second.

Aptos has gained a lot of traction in the past few months. A good way to look at it is to consider the volume of assets that have been locked in the ecosystem. Data compiled by DeFi Llama shows that Aptos has a total value locked (TVL) of more than $75 million. 

The number of apps in its ecosystem has been on a steady growth in the past few months. According to DeFi Llama, the number of DeFi apps in its ecosystem have grown to 16. It has a total value locked (TVL) of more than $75.65 million, making it one of the biggest players in the industry. 

PancakeSwap is the biggest app in its ecosystem with a TVL of over $34 million. This…

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