Bitcoin price struggled strongly at $ 60,000, sending another major altcoin up, pushing total capitalization to over $ 2,070 billion
The cryptocurrency market has had a strong week with many large-cap coins rising in the price above or around all-time highs. Bitcoin price ended the week up 2%, while the Ethereum and Binance Coin prices rose around 4% and 44% respectively.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price continued its skyrocketing momentum to over $ 60,000, pushing the total capitalization to over $ 2,070 billion
While BTC made new all-time highs, ETH and BNB both made new highs. A major driver for the current crypto dynamics is Coinbase’s upcoming public offering, set for April 14. Analysts and market participants believe the wave. Coinbase’s IPO will be the guideline for cryptocurrencies in general. Coinbase supports 58 digital assets for trading and its Q1 earnings call revealed that it has 56 million registered users, with 6.1 million users making monthly transactions (MTU). . Currently there are assets worth $ 223 billion on the platform, representing 11.3% of the total crypto market share. The US $ 122 billion of this wealth comes from organizations. Coinbase has achieved a position where it is the world’s largest gateway to cryptocurrencies for both retail and institutional participants. It is thought that its IPO will legalize a large part of the crypto industry by creating a bridge between the cryptocurrency and the traditional financial sectors that have never existed before.
Coinbase’s ability to capture a huge share of the digital asset market has translated into impressive earnings and growth. In the first quarter of 2021, the company’s revenue was 1.8 billion US dollars. This is nine times higher than the amount it made in the same quarter a year ago and more than it makes for the entire 2020 ($ 1.2 billion).
Bloomberg reports that Coinbase shares traded between $ 350 and $ 375 based on a recent auction that gave the company a pre-IPO value of $ 190 billion. On Coinbase Q1 earnings, DA Davidson analyst Gil Luria increased his price target for Coinbase shares by 125 percent to $ 440 after initially setting them at $ 195.
This morning, Bitcoin price stood at $ 60,003, up 1.26%. During the last 24 hours, Bitcoin’s price traded as low as $ 59,037 and highest at $ 61,002. According to CoinMarketCap, Bitcoin transactions in the past 24 hours reached $ 46 billion, market capitalization increased to nearly $ 1,120 billion.
Besides, the impressive rise of Bitcoin since the beginning of the year is thanks to the widely accepted digital currency as an investment and payment tool. BNY Mellon Bank, asset management firm BlackRock, card giant Mastercard has voiced support for Bitcoin. Electric car company Tesla, payment firm Square, and MicroStrategy have all invested in the money. Morgan Stanley is also looking to help clients access Bitcoin investment funds.
Blockchain data provider Glassnode states that the fact that Bitcoin holds the $ 1 trillion market cap over the course of a week shows confidence in Bitcoin and crypto assets in general.
The series of smaller-cap altcoins have also accelerated in price according to Bitcoin. In which, Ethereum increased 1.6%, Binance Coin increased 9.5%, Ripple increased 3.6%, Cardano increased 5.9%, Chainlink increased 8.7%. Total market capitalization thus recorded $ 2,070 billion, up 1.92%.
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