Coinbase’s share price has increased by over 9% in the past 24 hours, now trading above $278 per share, according to TradingView data.
The crypto exchange’s prospects have advanced in sync with the broader cryptocurrency market, which has witnessed a rally of over 61% in its market capitalization since the beginning of the year. Notably, Coinbase shares have rallied by the same amount, in the same period, according to TradingView data.
The Coinbase share price has increased by almost 10% in the past 24 hours. Image: TradingView.
Coinbase still has some way to go before hitting a new all-time high. The company’s shares were at their highest when they hit $342.98 in November 2021.
Major indices slow down after posting record-high gains
Coinbase shares have rallied despite U.S. stocks drifting lower on Monday. This was a small reversal of last week’s bullish movements that saw the S&P 500, the Dow Jones Industrial Average and the Nasdaq composite hit record highs.
On Monday, the S&P 500 was down 0.1% in midday trading. The Dow Jones Industrial Average was 111 points lower, or 0.3%, as of 11 a.m. Eastern time, and the Nasdaq composite was down 0.1%, according to TradingView.
Stocks had climbed steadily last week after the U.S. Federal Reserve indicated it’s still likely to deliver several rate cuts this year, as long as inflation keeps cooling.
Bitcoin briefly hit $70,000
Bitcoin 
BTC
+5.39%
‘s price bounced off the $70,000 mark on Monday. The largest digital asset by market capitalization increased by over 6% in the past 24 hours and was changing hands for $69,819 at 12:09 p.m. ET, according to The Block’s Price Page.
The rally comes as BlackRock Head of Digital Assets Robert Mitchnick described bitcoin’s qualities as similar to gold at the Bitcoin Investor Day conference in New York City on Friday.
“Historically bitcoin’s long-term average correlation to stocks has been close to zero – slightly positive, but close to zero. It’s had periods where it’s spiked, similar to gold … Actually, if you put their correlation charts in a time series, they look remarkably similar,” Mitchnick told attendees, according to CNBC.
“One of the most confusing, unhelpful things that happened in the post-Covid era was you had people accept this idea that bitcoin was a risk-on asset. Bitcoin is a risky asset … it is volatile, has a lot of uncertainty. But risk on is a different thing … it implies correlation to equities and fixed income,” he added.
The GM 30 Index, representing a selection of the top 30 cryptocurrencies, has increased by 5.65% to 154.85 in the past 24 hours.
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