Bitcoin (BTC) And Overall Crypto Market Cools Down
Post Coinbase Listing But Ethereum (ETH) Rallies to $2500
It’s been a massive ride for the crypto markets over the last week as Bitcoin (BTC) and altcoins collectively took charge of the market rally pushing it north of $2.24 trillion. Just before the Coinbase listing on Wednesday, April 14, investors cheered will all anxiety pushing Bitcoin (BTC) to its new all-time high above $64,750 levels.
On Wednesday, April 14, Coinbase became the first major crypto company to make its way to Wall Street with COIN shares going live on Nasdaq. The COIN share’s listing price was $381 valuing the company above $100 billion. However, the choppy market ride on Wednesday dragged it lower by the closing hours.
The Coinbase stock (COIN) stock closed at $328 i.e. over 30% above its reference price of $250 given by Nasdaq. At the closing price, the COIN share price stood at $83 billion. Institutions investors rushed to pick a pie of the COIN shares as Cathie Wood’s Ark Investments scooped $246 million worth of COIN shares on the listing day.
As the Bloomberg article noted: “The flagship Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF bought a combined 749,205 shares of Coinbase, according to data released by the funds in an email. Based on Coinbase’s closing price of $328.28 per share, their stake is worth about $246 million”.
Well, let’s take a look at how the crypto market has reacted post Coinbase listing.
Bitcoin (BTC) Retraces Partially From Its All-Time High
After hitting its all-time high of $64.8K on Wednesday, April 14, Bitcoin (BTC) has retraced partially by 2% today. However, it continues to maintain strong support at $62K.
On-chain data provider Santiment notes the whale behaviour over the last 24 hours. The data provider reports: “The number of whale/high-tier addresses are at 2021 lows, but the staggering number of new smaller addresses being created appears to be counter-balancing this”.
Bitcoin-(BTC)-Whale-Addresses (Courtesy: Santiment)
On the other hand, Glassnode reports that a large number of Bitcoins have been moving currently even at this high price. Glassnode notes: “Bitcoin (BTC) has made a new ATH and the market has started constructing new on-chain support. Over 245k $BTC have moved on-chain at prices above $62.7k. This follows the significant 1.909M $BTC moved in the previous $1 Trillion consolidation zone”.
Bitcoin-BTC-On-Chain-Movement (Courtesy: Glassnode)
Altcoin News: Ethereum (ETH) Refuses to Budge, Surges 4% to $2500
Although the altcoins space looks weak at this point, Ethereum (ETH) continues to its march further to $2500 hitting a new all-time high of $2488 today. At press time, Ethereum (ETH) is trading 3% higher at $2444 with a market cap of $282 billion.
However, it not yet the peak for Ethereum (ETH). On-chain data provider Santiment notes that Ethereum (ETH) still has some skin-in-the-game and is heading for $3000 and above.
The daily active addresses on Ethereum (ETH) continue to surge along with the price. On Wednesday, April 14, the Ethereum blockchain had a total of 591.91K daily active addresses.
Ethereum-ETH-Daily-Active-Addresses (Courtesy: Santiment)
On the other hand, a clear trend suggests that Ethereum (ETH) has been dominating over Bitcoin’s performance. Bitcoin’s year-to-date returns stand at over 100% while that of Ethereum (ETH) is 230%. A clear marginal difference of 2x and more. As per data from Skew Analytics, the ETH/BTC-Pair is bouncing strong.
Coming to the Ethereum network developments, the Berlin upgrade for Ethereum is finally activated through a hard fork taking it one step closer to the launch of Ethereum 2.0.
The Ethereum Berlin Upgrade aims to address the issue of the rising Ethereum (ETH) gas fee. It also paves way for the implementation of the Ethereum Improvement Protocol EIP-1559 along with the London hard fork ahead in July this year.
ETH/BTC-Pair (Courtesy: Skew)
Coming to other altcoins, Binance Coin (BNB) and Ripple’s XRP are taking a break after hitting their all-time highs earlier this week. Chainlink (LINK) is up 12% today hitting its new all-time high of $42.45 and more.