- Coinbase shares surged 9% to $280.79.
- Bitcoin was trading at $70,555.18, up 8.60% in the 24 hours at press time.
- Declining Bitcoin supply and bullish projections of $150,000 by 2024 are fueling investor optimism.
Coinbase Global Inc (NASDAQ: COIN) saw a big jump in its stock price, rising more than 9% to $280.79 per share. This rally in Coinbase stock is linked to the resurgence of Bitcoin, which briefly surpassed $70,000 after a significant 8.60% rally in the last 24 hours.
The rise in Coinbase’s stock price demonstrates investor confidence in the cryptocurrency exchange platform, especially as leading digital asset Bitcoin continues to show resilience and upward momentum.
The positive sentiment also reflects broader optimism about the cryptocurrency sector and the potential for further growth and adoption.
The price of Bitcoin soared back above $70,000.
March was a really good month for Bitcoin and the overall cryptocurrency market. The price of Bitcoin (BTC) surged past $73,000 in early March, then began to decline as investors began taking profits.
A rebound above $70,000 reaffirms its position as a dominant player in the digital asset market. With a market capitalization of $1.39 trillion, Bitcoin accounts for more than 8.70% of the total market capitalization and maintains its status as the largest cryptocurrency by market capitalization.
The Bitcoin price surge, along with strong trading volume, solidified Bitcoin’s position as one of the most actively traded cryptocurrencies, with $40.43 billion traded in less than 24 hours.
Declining Bitcoin supply may also be a factor as cryptocurrency exchanges have recorded record low BTC holdings as Bitcoin ETFs take millions of Bitcoin. Due to decreasing supply and increasing demand among investors, most believe that BTC could go higher for the remainder of the year.
Standard Chartered Bank has come up with a crazy project worth $150,000 by the end of 2024. Although it is not yet confirmed, the cryptocurrency industry seems to be coming back to life with Bitcoin coming back to life, as witnessed by the surge in Coinbase stock price.