Bitcoin has started the day posting significant gains. At press time, the largest cryptocurrency by market cap is trading at $64,512.88 (+6.39%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has jumped to $2,387.86 (+10.21%), while XRP has soared by 24.53% and is now trading at $1.93.
FxPro's team of analysts say:
"Bitcoin has not only been able to surpass its all-time high, but has gone even higher, reaching $64,300. It is worth noting the crypto's trading volume has also risen. Over the past 24 hours, the trading volume on the Bitcoin network has increased by 23%.
In spite of the fact that the reference crypto has reached an all-time high, sellers are in no hurry to cash out their profits, as the market is primarily driven by expectations of the IPO of the largest US crypto exchange, Coinbase, on the NASDAQ. This event is viewed by market participants as a landmark event. As a result of the company's debut on the trading floor, its valuation could reach $65-$230 billion.
The direct listing of a crypto exchange is the next step in integrating cryptos with traditional finance. The dynamics of the shares after placement can have a significant positive effect on the image of the whole sector. Institutional investors have been actively investing in Bitcoin lately, but now big money will receive another taste of the transition to the next stage of the digital currency market.
However, the other possibility should not be forgotten either, as a failed IPO could negatively affect the sentiments of market participants. For the time being, the price level of around $70,000 for BTC may be quite an achievable target if the crypto market does not receive very negative news in the near future."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,254,607,068,861.
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