In a report to its client, investment firm Bernstein said the current cryptocurrency bull market is still in its early stages.
According to the report, trading platforms such as Robinhood and Coinbase can make significant profits from increased trading volume and increased mainstream adoption of cryptocurrency.
Bernstein continued to rating both companies “market outperform” and maintained confidence that their strong performance would continue. The report said Robinhood’s second quarter results, released Wednesday, were impressive. The company continued to expand its cryptocurrency offering, saying its trading volume reached six months’ height in July. This increase was driven by a recovery in market volatility and an increase in investor interest from ETH, SOL and Defi Token, driven by a list of circles. Cryptocurrency trading volume is expected to recover significantly later in the year.
Meanwhile, the report noted that Coinbase’s strategic partnership with JPMorgan Chase has made a significant contribution to the spread of digital assets. JPMorgan’s embrace of the industry, once criticized by CEOs, accelerates Coinbase’s customer acquisition.
Bernstein argued that recent developments confirmed the view that the bull cycle in the crypto market is still in its early stages, adding that “there is no need for anything at this time.”
*This is not investment advice.