Bitcoin has just hit a new record high of $64,863 for the first time, opening doors for the week to get even more bullish for the benchmark cryptocurrency.
Bitcoin Attaining New Highs
Bitcoin’s value rose 8% yesterday after bulls succeeded in breaking resistance at $61,000. Although the bulls stalled shortly after, as prices dropped to $62,887. In the near term, an upward correction could be recorded as the bullish momentum is still strong.
Analysts have their eyes peeled for an upside breakout above $70,000 in the coming weeks, as buying interest is expected to double. Institutional players, long term holders are stacking their portfolio. The predicted supply crisis could hit anytime now and analysts remain expectant for when the market hits new levels.
Ethereum has also surged to new levels. The second most valued asset by market cap maintained its spot as the bulls sent the price soaring to $2400.
Anticipation for Coinbase’s Stock Market debut heightens
The spike in the flagship asset’s price comes as buying pressure heightens, in anticipation of Coinbase’s launch on the stock market.
Ever since Coinbase’s announcement to go public on Wednesday, industry players have hailed the company as the debut on the stock market strongly signifies the maturation of the cryptocurrency industry at large. After years of battling with lawmakers in the United States, Coinbase’s decision to go live will put a lot of skeptics to sleep.
The launch could see the company hit a value of $100 billion, making the company more valuable than many leading fintech firms that have been around for much longer. Coinbase could also unseat the intercontinental exchange which is currently under the New York Stock Exchange.
Marcus Swanepoel, the founder of London’s Cryptocurrency firm Luno, mirrored the sentiments of other key players in the cryptocurrency ecosystem when he opined that the move will undoubtedly increase the transparency and trust within the Crypto-industry. He stressed the skepticism and doubt surrounding the industry, explaining how crucial it is for the industry to gain solid validation in terms of credibility.
In his words:
“There’s still a bit of distrust in the industry and I think having a company of that size be public is going to help a lot of people realize that this is not just an asset class to take seriously but also a business to take seriously.”