Shares of Coinbase (COIN) and other crypto-related stocks marched higher as the markets opened on Monday, continuing its rally as it enters into a new week of U.S. banking crisis. There are several reasons as to why crypto stocks may be outperforming—and one of them is Bitcoin’s price reaching $28K for the first time in nine months.
Following the forced takeover of Credit Suisse by UBS, orchestrated by the Swiss government as part of a global effort to suppress the brewing banking crisis, the Dow Jones Industrial Average increased on Monday.
The Dow rose 366 points, which is equivalent to a 1.1% gain. In the meantime, the S&P 500 had a gain of 0.6%, while the Nasdaq 100 experienced an increase of 0.25%.
Shares of crypto-linked companies were found rallying, as Bitcoin surged on March 19 to surpass the $28,000 level — marking a 19% boost in the past seven days, according to CoinGape’s crypto market tracker. Shares of the top trading platform Coinbase increased by roughly 2% at $75.68, continuing its upward trend after reaching a peak of $74 on Friday.
Read More: Why Chinese Crypto Coins May Skyrocket In Coming Weeks?
The share price of both Marathon Digital Holdings and Riot Platforms, two of the most well-known companies in the cryptocurrency mining industry, increased by 1% and 5.45% respectively. Meanwhile, shares of Hut 8 Mining Corp. increased by an astounding 4% to $2.67, while Microstrategy registered gains of 3.5% over the same time period.
Over the past 24 hours, the price of Bitcoin has increased by 2.50%, which has positioned the crypto king above $28,000. Earlier today, the price of Bitcoin traded above $28,500, reaching its highest levels since the widening crypto market crisis in June of last year.
The flagship cryptocurrency commenced its upward trajectory from mid of March, after remaining largely flat-lined and even dipping below $19,000 at times during the widespread fear generated by the U.S. banking crisis. However, as things stand, the price of Bitcoin is currently exchanging hands at $28,310 representing a gain of 1% in the past one hour at the time of writing.
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