Coinbase Global Inc (NASDAQ:COIN) shares are climbing this Monday. A broad rally across the cryptocurrency sector is driving the upward momentum.

Crypto Market Cap Hits $2.38 Trillion

It currently trades at $69,660.95. Ethereum (CRYPTO: ETH) followed suit, jumping 5.39% to $2,151.12, according to data from CoinMarketCap.

Short Interest Data Shows Decline

Short interest in Coinbase has decreased. Total shorted shares fell from 23.61 million to 22.64 million. Currently, 11.51% of the company’s float is held short.

Technical Analysis

At $177.20, the stock is up 9.02% over the past 12 months, which is a backward-looking gain that suggests the longer-term trend has been positive but not smooth.

Benzinga