Market Wrap: Bitcoin, Ether Steady Near Record Highs, as All Eyes on Coinbase Listing

Wednesday 14 April 2021, 6:43 AM AEST - 2 months ago

Bitcoin Trading on Coinbase.

Coinbases widely anticipated direct stock listing on Nasdaq continues to galvanize crypto-market interesty, as bitcoins price broke Tuesday to a new record high.

At press time, the No. 1 cryptocurrency by market capitalization was changing hands at $62,860.01, not far from the all-time high price of $63,707.34 reached earlier in the day, according to CoinDesk 20.

Spot trading volume on eight crypto exchanges tracked by CoinDesk also rose on Tuesday, to near $4 billion at press time, the highest since April 7.

Source: CoinDesk, CryptoCompare

The bullish sentiment is reflected on the bitcoins futures market, with the annualized premium between the BTC futures price and spot price now approaching 50% for three-month contracts. Its seen as an indication that more futures traders are looking for upside.

Markets are positioning themselves for a direct listing that potentially values Coinbase at more than $100 billion, Jason Lau, chief operating officer at San Francisco-based crypto exchange OKCoin, said. As a result, demand for bitcoin and crypto has never been higher.

Ether trading on Kraken.Source: TradingView

Seemingly in lockstep with bitcoin, ether rallied Tuesday to new record high prices.

But the star lately among altcoins might be BNB token, from the crypto exchange giant Binance.

While exchange tokens in general have received a boost from comparisons with Coinbase, BNBs rapid value increase may also have something to do with the success of Binance Smart Chain, an Ethereum alternatives launched by Binance.

Total value locked on BSC now sits at around $30 billion, more than double over the last month, according to Arca ...

Read full story on CoinDesk

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