Cryptocurrencies climb to fresh records on Coinbase’s public listing
Vrasidas Neofytou
Head of Investment Research
The cryptocurrency market continues to explode to fresh record highs, driven by the highly anticipated stock market debut of cryptocurrency exchange Coinbase on Nasdaq, and the strong demand from the institutional investors.
Coinbase went public on Wednesday in a blockbuster direct listing with valuation over 100 billion dollars, stoking more euphoria and confidence for the digital assets.
Bitcoin, the biggest digital currency climbed to a fresh record high above 64,000 dollars, helping to lift the market value of all cryptocurrencies above 2 trillion dollars for the first time.
Ether, the second largest digital coin with over 270 billion dollars market value also set a fresh record above 2.200 dollars, following the huge demand for the Ethereum blockchain.
Surprising the market, Ripple has become one of the most popular cryptos among investors since it gained the lawsuits from U.S. Securities and Exchange Commission. The price of Ripple jumped by more than 300 per cent since the start of April, climbing above 1.90 dollars.
Institutional investors start jumping into the crypto market, believing that the sector has the potential to be as revolutionary and widely adopted as the internet.
Major financial institutions including Goldman Sachs and Morgan Stanley are looking to offer their wealthy clients some exposure to crypto products, while the automaker Tesla will start accepting bitcoins as a method of payment for its cars.
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