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Coinbase stock rises as Bitcoin goes back above $70k mark

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Coinbase stock rises as Bitcoin goes back above $70k mark

  • Coinbase stock surges 9% to $280.79.
  • Bitcoin has soared by 8.60% in 24 hours to trade at $70,555.18 at press time.
  • Decreasing Bitcoin supply and bullish projections, like $150k by 2024, fuel investor optimism.

Coinbase Global Inc (NASDAQ: COIN) experienced a significant surge in its stock price, climbing by over 9% to reach $280.79 per share. This rally in Coinbase shares correlates with Bitcoin’s resurgence, which briefly surpassed the $70,000 mark, after a substantial gain of 8.60% over the past 24 hours.

The uptick in Coinbase’s stock price demonstrates investors’ confidence in the cryptocurrency exchange platform, particularly as Bitcoin, the leading digital asset, continues to exhibit resilience and upward momentum.

The positive sentiment also reflects broader optimism in the cryptocurrency sector and its potential for further growth and adoption.

Bitcoin price soars above $70k again

March has been such a great month for Bitcoin and the entire crypto market in general. Bitcoin (BTC) price soared past $73k at the beginning of March before retracting as investors started taking their profits.

The bounce back above $70,000 reaffirms its position as the dominant player in the digital asset market. With a market capitalization of $1.39 trillion, Bitcoin maintains its status as the largest cryptocurrency by market capitalization, capturing over 8.70% of the total market cap.

The surge in Bitcoin’s price was accompanied by robust trading volume, with $40.43 billion traded within 24 hours, solidifying Bitcoin’s position as one of the most actively traded cryptocurrencies.

The decreasing Bitcoin supply could also be a factor as crypto exchanges registered record low BTC holdings as Bitcoin ETFs took in millions of bitcoins. With the decreased supply and increasing demand among investors, the majority believe BTC could go higher for the remainder of the year.

Standard Chartered Bank gave an insane project of $150k by the end of 2024. While that is yet to be confirmed, the crypto industry seems to have come back to life as Bitcoin roars back to life as witnessed with the Coinbase stock surge.