The Zhitong Finance App learned that after Bitcoin hit a record high and daily trading volume reached the highest level since 2021, Goldman Sachs suspended its bearish stance on the cryptocurrency exchange Coinbase (COIN.US) in a report last Thursday, upgraded the stock's rating from “sell” to “neutral”, and raised the target price from $170 to $282.

Goldman Sachs analysts, led by Will Nance, said: “Although we are still seeing limited use cases for cryptocurrencies, the 'beta' of price trends over time far exceeds the 'alpha' brought about by the acceleration of retail applications over time.”

According to the data, Coinbase has risen nearly 48% this year so far. Goldman Sachs attributed Coinbase's rise this year to a sharp rise in cryptocurrency prices and “the company's commitment to more stable profitability over time.”

According to reports, as Bitcoin hit a new high, the daily trading volume of Coinbase was before 3 billion to 5 billion US dollars, the highest level since 2021. Goldman Sachs's analysis shows that this is largely driven by increased retail participation. The bank added that Coinbase has benefited from “rising prices on trading platforms, maintaining market share, a renewed commitment to greater fee control and profitability in all market environments, and the smooth flow of higher interest rates.”