The Coinbase reality. Bitcoin and Ether, both, have hit new all-time high milestones, with the world’s biggest cryptocurrency breaking the $63,000 mark and Ether jumping above $2,250.
Both digital assets have picked up a tail wind in the lead up to the Coinbase stock listing on Nasdaq.
Tuesday morning, a day before the anticipated public debut of the US based cryptocurrency exchange, saw prices of these two coins moving up, taking other altcoins like Ripple, Stellar, and more with them too into the green zone.
Bitcoin topped its previous peak of $61,453, reaching $63,191.37 observed about a month ago. This means that the leading cryptocurrency got back some of its gains, rising 4.55% over the last 24 hours and more than 100% year-to-date.
This latest rally came after weeks of Bitcoin trading sluggishly in a narrow range below $60,000.
Ether, the next largest crypto, set a new highwater mark of $2,221.15, topping its previous high of $2,190 set early Saturday morning. It is up 3.29% in the last 24 hours and almost 200% year-to-date.
Coinbase, which is set to be listed under the symbol COIN, is buoyed by analyst projections that range anywhere from $19 billion to $230 billion.
These shares are expected to provide traditional investors exposure to a crypto platform that earns money from fees while avoiding the volatility and risk of crypto assets themselves. In that sense, Coinbase shares are seen as a lower beta play.
The exchange recently disclosed Q1 revenue growth of 840% year-on-year, blowing past analyst estimates by a big margin.
Developments like these are the reason behind this newest rally of the crypto market that has seen alternative cryptocurrencies perform better than Bitcoin in recent weeks — by considerable margin, too. As a result, the latter’s market dominance has been pushed to a two-year low.
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