In the cryptocurrency world, Coinbase Global Inc (NASDAQ: COIN) experienced a surge in stock price, reaching $280.79, up by over 9%. This rally in Coinbase shares is in correlation with Bitcoin’s resurgence, which briefly surpassed the $70,000 mark with a gain of 8.60% in the past 24 hours.
Investors’ confidence in the cryptocurrency exchange platform, as well as the wider optimism in the crypto sector, can be seen in the uptick of Coinbase’s stock price. This also reflects the positive sentiment towards Bitcoin, the leading digital asset, which continues to show resilience and upward momentum.
March has been an eventful month for Bitcoin and the entire crypto market. The price of Bitcoin soared to $73,000 before investors began to withdraw their profits. This reaffirms its position as the dominant player in the digital asset market, with a market capitalization of 1.39 trillion dollars and accounting for over 8.70% of the market.
The surge in Bitcoin’s price was accompanied by a robust trading volume of $40.43 billion within 24 hours, solidifying it as one of the most actively traded cryptocurrencies. The decreasing supply of Bitcoin could also be a contributing factor, as crypto exchanges have reported record-low BTC holdings. This, along with the increased demand, has led many investors to believe that BTC will continue to rise in value throughout the year.
One projection that has gained attention is Standard Chartered Bank’s $150,000 price target for Bitcoin by 2024. While it has not been confirmed, it shows the return of the crypto industry’s optimism, as seen with the surge in Coinbase’s stock price.
As the excitement and potential for growth in the cryptocurrency sector continues to attract investors, it is important to stay informed and keep an eye on the market. With the potential for continued upward momentum, the future looks bright for Bitcoin and the entire crypto market.
