Bitcoin Hits New All-Time High Above 62.7K

Bitcoin Hits New All-Time High Above 62.7K

The price of Bitcoin set a new all-time high Tuesday morning, the day before U.S.-based cryptocurrency exchange Coinbase’s highly anticipated listing on Nasdaq.

  • The cryptocurrency reached a new lifetime high of 62,732.11, topping the previous peak price of $61,453 observed about a month ago, as per CoinDesk 20 data. In recent trading, the price of the leading cryptocurrency had given back some of its gains, trading at $62,440.40, up 2.89% over the last 24 hours.
  • The rally comes after weeks of bitcoin trading sluggishly in a narrow range below $60,000.
  • "Cryptocurrency markets are showing robust strength ahead of the Coinbase IPO as bitcoin moves into the all-time high territory," Matthew Dibb, COO and co-founder of Stack Funds, told CoinDesk
  • "A re-rating of crypto assets is definitely on the cards following the $100b valuations of Coinbase's shares (COIN)," Dibb added.
  • Analysts projections for COIN's listing are ranging from $19 billion to $230 billion, as discussed last week.
  • COIN shares will provide traditional investors exposure to a crypto platform that earns money from fees while avoiding the volatility and risk of crypto assets themselves. "Coinbase will be a lower beta play," Delphi Digital's Kevin Kelly told Bloomberg.
  • The exchange recently disclosed Q1 revenue growth of 840% year-on-year, blowing past analysts' estimates by a big margin.
  • Bitcoin's latest rally is accompanied by record highs in ether, the second-largest cryptocurrency by market value, and crypto exchange Binance's BNB token.
  • Alternative cryptocurrencies, in general, have performed better than bitcoin in recent weeks, pushing the latter's market dominance to two-year lows near 55%, according to data source TradingView.
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