What happened
We're still some distance from spring, but already the ground seems very fertile for cryptocurrencies and related assets. On the back of yet another rise in the former, many of the latter climbed higher as well. Doing so like an eager vine on Wednesday was crypto-trading platform operator Coinbase Global (COIN +0.93%), which saw its share price shoot nearly 18% higher on the day.
So what
The crypto rally just keeps plowing ahead, and today, nearly every major coin and token was up substantially.
As ever, Bitcoin set the pace; as of midafternoon, the coin was up more than 8% over the preceding 24 hours, according to data compiled by CoinGecko, after it crossed the $24,000 barrier. Even goofy fun coins were having a moment -- Dogecoin, for one, was rising by 6%.
The latest macroeconomic news is helping to support this. While the latest U.S. Consumer Price Index (CPI) statistics released this week weren't overly encouraging, they did show that the pace of inflation growth continues to slow.
That's good news for asset classes considered to be relatively risky, and cryptocurrencies -- plus related businesses -- fall squarely into that category.
NASDAQ: COIN
Key Data Points
Now what
The path of Coinbase stock is typically blazed by the cryptocurrencies that trade through its platform, with the far-and-away leader being Bitcoin.
For crypto bulls, then, Coinbase is a sideways and/or complementary play on this ever-volatile asset class; folks who believe the rally will last for some time should consider a position in the stock.
