Bitcoin (BTC) Price Smashes Past $63,000 A Day Before Coinbase Listing
In a strong crypto market rally, the Bitcoin (BTC) price has surged past $63,000 hitting its new all-time high. At press time, Bitcoin is trading at $63,012 with a market cap of $1.175 trillion.
On the other hand, the altcoin market is buzzing with strong optimism as Ethereum (ETH) price climbs past $2200 for the first time in history. The overall cryptocurrency market cap has also rallied past $2.1 trillion for the very time and is now almost the size of the world’s biggest conglomerate Apple Inc. (NASDAQ: AAPL).
Coming to Bitcoin first, the recent BTC price rally has been fuelled by a number of factors. Some of them are the fundamental on-chain factors. This includes strong whale action, miners HODLing, less selling pressure, shortage of Bitcoin liquidity at exchanges, major Bitcoin outflows from Coinbase, and a lot more.
The Bitcoin (BTC) price has already surged more than 100% year-to-date. On-chain data provider Santiment reports that over the last three months, the percentage of Bitcoin whales addresses holding 100K+ Bitcoin has jumped 3x from 0.76% 11 weeks ago to 2.20% today, an 11-month high”. This strong whale accumulation is a sign of increasing confidence in Bitcoin’s long-term price.Bitcoin-BTC-Whale (Courtesy: Santiment)
On the other hand, as BTC hits a new all-time high and enters the price discovery zone, the Bitcoin Futures open interest across exchange has hit a record high of $27 billion.Bitcoin-Futures-Open-Interest (Courtesy: Glassnode)
As on the technical charts, Bitcoin (BTC) has given a bullish breakout with the next Bitcoin price prediction at $70,000.
Interestingly, Bitcoin’s new all-time high comes just a day before crypto exchange Coinbase is headed for its Nasdaq listing on April 14. Coinbase is the first crypto exchange to appear on Wall Street as its COIN shares go live.
The world’s largest cryptocurrency exchange is already pegging a massive $150 billion pre-IPO valuations on FTX Exchange. Below are some of the top news in the Bitcoin ecosystem.
Galaxy Digital becomes the latest company to file for a Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). The filing shows that upon approval, the shares of Galaxy Bitcoin ETF will trade on the NYSE Arca Exchange and will follow the Bloomberg Galaxy Bitcoin index for pricing mechanism.
Last week, the SEC acknowledged that it has started reviewing the Bitcoin ETF application from WisdomTree and the decision for the same shall arrive in the next 45 days.
In a surprising move, HSBC has decided to suspend the trading of MicroStrategy shares because of the company’s large exposure to Bitcoin. MicroStrategy is one of the largest public-listed companies invested in Bitcoins holding more than 93K BTC as of date. This comes at a time when other banking giants like Goldman Sachs and JPMorgan are working to offer Bitcoin-related services to their clients.
Altcoin News: Ethereum (ETH) Hits All-Time High Above $2200, Binance Coin (BNB) Surges Past $600
There is a ton of altcoin news as the altcoin space is buzzing with massive optimism at present. The world’s second-largest cryptocurrency Ethereum (ETH) has moved past $2200 levels for the very first time hitting its new all-time high.
At press time, ETH is trading at a price of $2225 with a market cap of $257 billion and is now bigger than some of the biggest companies like Coca-Cola and Netflix (NFLX). With nearly 200 year-to-date returns, ETH has once again outperformed Bitcoin by 2x in 2021, so far.
The Ethereum (ETH) price rally comes depends on a number of factors like the lack of sell-side pressure, declining exchange deposits, higher DeFi trends, increasing ETH 2.0 deposits, and much more.
With massive DeFi activity over the last few months, Ethereum has been facing issues of network congestion with skyrocketing gas fees. However, on Monday, April 12, Santiment reported that the ETH gas fee has now dropped to its five-week low to an average of $11.08.Ethereum-ETH-Gas-Fee (Courtesy: Santiment)
Along with the ETH price, the ETH Mining Difficulty has also touched a record high above 7000TH/s.Ethereum-ETH-Mining-Difficulty (Courtesy: Glassnode)
The biggest beneficiary from Ethereum’s rising gas fee has been none other than Binance Coin (BNB). On Monday, April 12, the BNB price surge to a record high level of $636. At press time, BNB is trading at a price of $572 with a market cap of $85 billion.
Binance Coin (BNB) is one of the best-performing cryptocurrencies in 2021. Its year-to-date gains stand at a massive 1300% as the BNB price surged 14x since the beginning of this year. As per Santiment data, the BNB price rally has been backed with a strong address activity on the BNB network.Binance-Coin-BNB-Address-Activity (Courtesy: Santiment)
Also, thanks to the rapid growth of the Binance Smart Chain (BSC) which has registered high DeFi activity amid the rising ETH gas fee. Last week, the Binance Smart Chain (BSC) processed 5 million transactions in a single day, 4x that of the Ethereum blockchain.Binance-Smart-Chain-BNB (Courtesy: BSC Community)
Lastly, XRP is showing strong momentum gaining 66% over the last week. At press time, XRP is trading 21% higher at $1.69 with a market cap above $75 billion. It is for the first time in three years that XRP Price is trading at such high levels after 2018.
The recent price rally comes amid Ripple’s two major wins last week in the SEC lawsuit. The court has not only allowed Ripple to gain access to SEC documents on Bitcoin and Ethereum but has also denied the SEC access to personal financial spendings of Ripple executives Chris Larsen and Brad Garlinghouse.