Summary
- Bernstein evaluated Coinbase as the biggest beneficiary of the rise in Ethereum prices.
- The report presented a 'Buy' rating for Coinbase and set a target price of $510.
- It is noted that Coinbase’s fee revenue could grow as Ethereum-based transactions increase on Base.
An analysis has emerged that the cryptocurrency exchange Coinbase is the biggest beneficiary of the rise in Ethereum (ETH) prices.
On the 12th (Korean time), Bernstein presented a 'Buy' rating and a target price of $510 for Coinbase in its report.
Coinbase closed the previous trading day at $319.62, up 2.92% overnight. It also rose slightly in the over-the-counter market, with the current price at $320.90.
It was explained that earnings are expected to increase following the rise of Ethereum, the leading altcoin.
Bernstein stated, “Coinbase currently operates Base, the largest Ethereum Layer 2,” adding, “Base processes over 9 million transactions daily.” They continued, “All fees for transactions occurring on Base are settled in Ethereum, and therefore, Coinbase’s fee revenue could also increase.”
In addition, all fees generated by Base applications are also settled in Ethereum.
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