Coinbase outshines the entire DeFi market, holding 80% more assets in custody; COIN price hits new high

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• Coinbase, over the past eight quarters, has held more assets than the total value locked in the DeFi market.
• At the time of writing, Coinbase assets amount to $114 billion, slightly below the DeFi market’s $117 billion TVL.
• The exchange’s share price jumped by nearly 50% this month, pushing COIN to $186.

Coinbase is known for being the second biggest cryptocurrency exchange in the world, but the company also seems to be in competition with the entire Decentralized Finance (DeFi) market.

Coinbase takes over DeFi market

Coinbase, at the time of writing, holds about $114 billion worth of assets under its management, which is slightly lower than the total value locked in the DeFi market, coming up at about $117 billion. However, when comparing the quarterly performance, Coinbase leaps ahead.

Coinbase quarterly performance

According to the crypto market intelligence data provider Messari’s Crypto Theses 2024, as a company, Coinbase now has 80% more TVL in custody than DeFi has across all blockchains.

Coinbase grew considerably throughout 2023 thanks to the launch of its layer-2 chain Base, which presently stands as the fourth biggest L2 chain in the world with over $637 million worth of TVL.

Base L2 TVL

COIN price hits new high

Following a bullish year for Coinbase, which faced no regulatory crackdown, hacks and exploits, or any other trouble, the value of the share of the company grew immensely. In the last month alone, COIN price shot up by 47.45% and the stock is currently trading at $186 as of market close on December 28.

This marks a year-to-date growth of 460%, bringing its price up from $33.67 to marking a new 2023 high on Thursday.

COIN/USD 1-day chart

While the price indicators Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are exhibiting bullishness at the moment, the bullish momentum could wear off heading into 2024 as the market would need to cool down before the anticipated rally of January 10 begins following spot Bitcoin ETF approval.

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