Bitcoin (BTC) charted new record highs prior to the much-hyped Coinbase initial public offering on the Nasdaq exchange on Wednesday, which a number of analysts see as a “pivotal” moment for virtual currencies.
The digital currency went up by more than 5% during Wednesday’s pre-market sessions and soared beyond the $63,220 level. Bitcoin was trading at $64,691 at the time of this writing, according to TradingViews’ charts.
The significant price uptick comes in anticipation of the Coinbase IPO, an event that could add more appeal to new digital currency-related products and lay the groundwork for future changes within the crypto market.
The Coinbase IPO
The Coinbase listing is expected to boost the American digital currency exchange platform’s valuation somewhere between $60 billion to $100 billion.
Fundstrat head of research and managing partner Tom lee comments that the price will keep going up if the sellers in the crypto market are on hiatus. Lee compares the current crypto market state to a selling strike that is positioned ahead of the listing.
“Part of this is for the crypto community, nobody wants to be selling in front of the Coinbase offering,” Lee said in an interview.
Effects on altcoins and crypto platforms
The digital currency market seems to be marching forward as a unit as a number of marquee assets have also seen a surge in prices.
Ripple’s XRP, for instance, has been setting new records this week off the back of the company’s efforts to have the SEC case, which was filed against its executives, dismissed.
Even the crypto meme, Dogecoin, has seen a monumental jump in its value earlier this week. Doge was at $0.1251 late Wednesday, a rally which comes after the token notched a new all-time high and went beyond the $0.1420 level.
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