According to Wainwright analyst Mike Colonnese, markets “have likely now entered BTC's next bull price cycle which has historically resulted in significant growth in total crypto market cap, incremental retail and institutional adoption, and higher crypto trading volumes.”

"Crypto winter is over, and spring has sprung.”

Colonnese added that Coinbase is "uniquely positioned to benefit from the large and rapidly growing global crypto economy” given that it stands as the largest publicly-traded crypto exchange in the world. As a result, the investment firm expects the company to expand its market share in the cryptocurrency sector throughout the remainder of 2023.