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Coinbase Stock (COIN) Surges 9% as Bitcoin (BTC) Breaks the Mark

Coinbase (COIN) stock jumps 9% alongside Bitcoin’s 8.6% gain, indicating renewed optimism in cryptocurrency. Bitcoin’s rally signals broader market expansion.

ShahZaib Ahmed

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Coinbase Stock (COIN) Surges 9% as Bitcoin (BTC) Breaks the Mark

Coinbase Global Inc (NASDAQ: (COIN) saw a remarkable rise of about 9% in its stock price and reached $280.79 per share. This rally in Coinbase shares coexists with Bitcoin’s ceiling, which was broken today, recording a big gain of about 8.6% in the past 24 hours.

Bitcoin’s Resurgence Sparks Confidence in Coinbase

The prosperity of Coinbase’s stock is supported by investors’ belief in cryptocurrency exchange, which is notably boosted by the robust performance of Bitcoin as the leading asset. This regain confirms the broader optimist perception in the cryptocurrency sector and the possibility of its expansion and further adoption.

Bitcoin’s March Rally and Market Dominance

March stood up to be a striking month for Bitcoin and the whole crypto universe. At the beginning of March, the price of Bitcoin soared to $73,000. Later on, investors sold their bitcoin for profit-making. However, a jump above $70,000 in price shows that there is not going to be a shortage of leaders in the digital currency market.

Also Read: Bitcoin (BTC) And Ethereum (ETH) Surge as Global Easing Cycle Begins

Consistently holding a market capitalization of the higher figure of $1.39 trillion, Bitcoin has the biggest share in the total crypto market capitalization, accounting for 8.70%. The Bitcoin price came along with a huge volume of trading schedule, with $40.43 billion done within 24 hours, hence making it the most active cryptocurrency traded.

Factors Driving Bitcoin’s Price Surge

Additionally, the declining supply of Bitcoin may be another factor for cryptocurrency exchange platforms and coins with unusually high outflow of bitcoins logged simultaneously as ETFs attracted attention. While the supply has decreased and investors are exponentially increasing, the prediction is that Bitcoin’s price should be able to sustain its positive trend for the rest of the year.

Recently, Standard Chartered Bank has had a price target of US$ 150,000 for 31 Dec 2024. Currently, this is still not confirmed. However, the bounce-back of Bitcoin has undoubtedly revitalized the whole crypto ecosystem, which is evident by the rise of Coinbase stock’s price.

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