While Ethereum (ETH) continues to make a name for itself with its recent increasing treasury strategy and rise, Bernsterin has published his new report.
Accordingly, Bernstein analysts said that Coinbase will see the biggest benefit with the rise of ETH and the arrival of the altcoin season.
Ethereum and Altcoin Rally Has Started!
According to The Block, analysts led by Gautam Chhugani stated in a report sent to their clients that ETH has increased by 80% since USDC stablecoin issuer Circle’s IPO on June 5, and investors’ interest in the Ethereum ecosystem has increased as they realized that the majority of stablecoins are issued on the ETH network.
Analysts stated that the altcoin rally came with the rise of Ethereum and that Coinbase, which operates the Base network, will benefit the most from the altcoin rally.
“We believe the altcoin rally has begun as this is reflected in the recent ETH performance.
“Also, considering its long list of over 250 altcoins and the number of Base chain tokens now integrated into the Coinbase App, Coinbase will be the company that will benefit most from the ETH and altcoin rally.”
Buy Recommendation for Coinbase!
At this point, Bernstein announced a Buy recommendation for Coinbase and set a target price of $510.
“We think Coinbase will benefit the most from the Ethereum and altcoin rally.
Coinbase currently operates Base, the largest Ethereum Layer 2.
Base processes over 9 million transactions daily. All transactions on Base are paid in Ethereum, so Coinbase’s fee revenue could also increase.
*This is not investment advice.
