Coinbase Global Inc. (NASDAQ: COIN) extended its upward momentum on Wednesday, setting a new 52-week high and nearing its all-time closing price from November 2021. The rally occurs amid a rebound in power throughout the digital asset market, guided by another increase in Bitcoin.

Based on Yahoo Finance information, the Coinbase shares rose up to 7.1% during early trading with a top price of the stock already hitting a price of $369.25. The stock then traded down to approximately $352, or 2 percent higher on the day.

The rebound has lifted COIN 133% since April, when the cryptocurrency was hit by a broader market slump after President Donald Trump announced a tariff declaration as his own “Liberation Day.”

Coinbase Surges to 52-Week High Amid Crypto Rally

Coinbase Nears Record High on Momentum

According to the data on Macrotrends, the stock is less than 2% off its all-time high closing price of $357.39. Coinbase shares have increased by over 42% so far this year on the back of higher crypto prices, positive regulatory momentum in the U.S., and a stable revenue run.

Although the Q1 earnings came slightly worse than the anticipated, it still reports a 24.2 percent year-over-year on its total revenue of 2.03 billion dollars. It is important to note that subscription and services revenue increased by 36.3% to 698.1 million of which stablecoin-related revenue played an important role.

Coinbase Surges to 52-Week High Amid Crypto Rally

The COIN price has been driven by the high opening of Circle Internet Group, the company that put out stablecoins, such as USDC. Circle (ticker: CRCL) had gained as much as 500 percent over its IPO of $31 to over $200, providing yet another tailwind to crypto equity.

Coinbase and Circle have a central connection in USDC stablecoin, and the connection became stronger last year when Coinbase bought shares to Circle. This partnership has positioned both the companies at the forefront of crypto-focused indices.

By Wednesday, Coinbase has risen to the first place on the VanEck MVIS Global Digital Assets Equity Index (MVDAPP), replacing Circle, which had surged to the lead in the index upon its IPO.