The world’s largest cryptocurrency, bitcoin, jumped to yet another all-time high, as the market for digital coins turned bullish ahead of the highly anticipated Coinbase Nasdaq listing on Wednesday and amid renewed inflation fears.
The price of bitcoin soared by 4% to above $63,500 on Tuesday, surpassing the previous record set in March, according to CoinDesk data. Other digital currencies also benefited from the rally, as the world’s second-largest cryptocurrency, ethereum, rose to a new record of above $2,200, while Ripple’s XRP jumped by more than 20% in the past day.
The increased excitement from investors comes a day before the long-awaited direct listing of Coinbase on Nasdaq. The cryptocurrency exchange is expected to go public under the ticker symbol COIN on Wednesday, and is the first company of its kind to debut on the stock market amid broader acceptance of digital assets by the traditional finance community. However, according to Coindesk, analysts continue to disagree on the company’s valuation, as forecasts range between $19 billion and $230 billion.
Last week, Coinbase estimated its revenues for the first quarter topped $1.8 billion, marking a significant jump from the $190.6 million recorded a year earlier. Retail investors aside, digital currencies have been the subject of broader acceptance among institutional investors as of late, with even major corporations such as PayPal and Mastercard getting on board. This has helped fuel the global cryptocurrency rally even further since the beginning of the year.
Information for this briefing was found via CoinDesk and Coinbase. Thee author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.