Bitcoin Hits New All-Time High Above 63.1K
Bitcoin has picked up a tail wind in the lead up to Coinbase's stock listing on Nasdaq
The price of bitcoin set a new all-time high Tuesday morning, the day before U.S.-based cryptocurrency exchange Coinbase’s highly anticipated listing on Nasdaq.
- The cryptocurrency reached 63,191.37, topping the previous peak price of $61,453 observed about a month ago, as per CoinDesk 20 data. In recent trading, the price of the leading cryptocurrency had given back some of its gains, trading at $62,757.59, up 4.55% over the last 24 hours.
- The rally comes after weeks of bitcoin (BTC, +4.83%) trading sluggishly in a narrow range below $60,000.
- “Cryptocurrency markets are showing robust strength ahead of the Coinbase IPO as bitcoin moves into the all-time high territory,” Matthew Dibb, COO and co-founder of Stack Funds, told CoinDesk
- “A re-rating of crypto assets is definitely on the cards following the $100b valuations of Coinbase’s shares (COIN),” Dibb added.
- Analysts projections for COIN’s listing are ranging from $19 billion to $230 billion, as discussed last week.
- COIN shares will provide traditional investors exposure to a crypto platform that earns money from fees while avoiding the volatility and risk of crypto assets themselves. “Coinbase will be a lower beta play,” Delphi Digital’s Kevin Kelly told Bloomberg.
- The exchange recently disclosed Q1 revenue growth of 840% year-on-year, blowing past analysts’ estimates by a big margin.
- Bitcoin’s latest rally is accompanied by record highs in ether (ETH, +3.69%), the second-largest cryptocurrency by market value, and crypto exchange Binance’s BNB token.
- Alternative cryptocurrencies, in general, have performed better than bitcoin in recent weeks, pushing the latter’s market dominance to two-year lows near 55%, according to data source TradingView.
– Coindesk
