The price of the leading cryptocurrency Bitcoin [BTC] set a new all-time high earlier today on Tuesday morning, the day before United States-based cryptocurrency exchange Coinbase’s highly-anticipated listing on Nasdaq.
The cryptocurrency reached a new lifetime high of trading near $73k, topping the earlier peak price of $61,453 USD observed a few months ago, as per CoinMarketCap data. In recent trading, the worth of the leading cryptocurrency had given back a number of its gains, trading at $62,774.40 USD, up 3.19% over the past 24 hours.
The rally comes after weeks of Bitcoin [BTC, +3.19%] trading sluggishly within a narrow range below $60k.
“Cryptocurrency markets are showing robust strength prior the Coinbase IPO as bitcoin moves into the all-time high territory,” Matthew Dibb, COO & co-founder of Stack Funds.”
“A re-rating of cryptocurrencies is certainly on the cards following the $100 Bln valuations of Coinbase’s shares [COIN],” Dibb explained.
Analysts projections for COIN’s listing are starting from $19 Bln to $230 Bln, as discussed last week.
COIN shares will offer traditional investors exposure to a cryptocurrency platform that earns money from fees while avoiding the volatility & risk of cryptocurrencies themselves. “Coinbase will be a lower beta play,” Delphi Digital’s Kevin Kelly explained Bloomberg.
The cryptocurrency exchange recently disclosed Q1 revenue growth of 840% year-on-year, blowing past analysts’ estimates by an enormous margin.
Bitcoin’s latest rally is amid record highs in Ethereum [ETH, +2.6%], the 2nd-leading cryptocurrency by market price, and cryptocurrency exchange Binance’s BNB token.
Alternative cryptocurrencies, generally, have performed better than bitcoin in recent weeks, pushing the latter’s market dominance to two-year lows near 55%, consistent with data source TradingView.